NPCI is working with banks to enable offline digital payments, a reality in rural areas which can be used by 350 million feature phone users.
The integration of FinTech Department with RBI will give the apex bank an overarching control over the innovation in fintech space
RBI has recently released a framework for offline digital payments of up to Rs. 200 per transaction, subject to the total offline transaction limit of Rs. 2,000.
The incentive of Rs 1,300 crore is set to push for the digital payments made on the BHIM UPI and RuPay cards.
The Reserve Bank of India (RBI) has said that it has set up around 2.5 lakh POS (Point-Of-Sale) terminals and 55 lakh QR code acceptance points using funds from the PIDF Scheme.
GST council might take its decision as soon as early December on increasing GST on gold, silver, and other goods.