RBI Governor Launches 3 key Digital Payment Initiatives at Global Fintech Fest 2022

RBI Governor Launches 3 key Digital Payment Initiatives at Global Fintech Fest 2022

Daily Current Affairs   /   RBI Governor Launches 3 key Digital Payment Initiatives at Global Fintech Fest 2022

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Category : Business and economics Published on: September 23 2022

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  • The Reserve Bank of India (RBI) Governor, Shaktikanta Das, launched three key digital payment initiatives at the Global Fintech Fest 2022.
  • The three digital payment initiatives that were launched by the RBI are RuPay Credit Card on Unified Payments Interface (UPI), UPI Lite, and Bharat BillPay Cross-Border Bill Payments.
  • Reserve Bank of India (RBI) Governor Shaktikanta Das launched the Rupay credit card on Unified Payments Interface (UPI) network. 
  • The move is likely to expand the credit market multi-fold.
  • Up until now, only debit cards were allowed to be linked with UPI.
  • Customers of Punjab National Bank, Union Bank of India, and Indian Bank will be the first to be able to use RuPay Credit Card on UPI with BHIM App.
  • The RuPay credit card linked with UPI will improve penetration in rural and semi-urban areas.
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