Governor also increased the transaction limit from Rs 2 lakh to Rs 5 lakh UPI Payment Application for RBI’s Retail Direct Scheme and IPO Offering.
RBI’s Retail Direct Scheme facilitates investment in government securities by individuals by opening a gilt securities account with the central bank.
RBI governor also allowed on-device wallet is i For small value transactions. This will ease the process of facilitating small value transactions.
The Governor said that this will help deepen UPI payments in the overall retail payments space and make transactions easier for consumers. It will also help in easing investment in government securities and IPOs.
The RBI governor further said that he will issue a discussion paper on various charges in payment systems including cards, wallets and UPI.