RBI Governor Launches Key Digital Payment Initiatives at Global Fintech Festival 2024

The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024. These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users. These payment solutions are aimed to enhance inclusivity, security, and efficiency of India’s digital payment ecosystem.

The launch took place in the presence of Shri Nandan Nilekani, Non-Executive Chairman, Infosys and Advisor to NPCI, and Shri Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, NPCI.

Bharat BillPay for Business (B2B Platforms)

The RBI Governor announced the expansion of BBPS services to cater to business enablement platforms, streamlining B2B payments and collections. This development is expected to change the landscape of business payments across the country through a single, centralised, interoperable platform. Bharat BillPay for Business aims to standardise, simplify and automate various invoice payment processes for day-to-day business operations irrespective of size of the business. Offerings like business onboarding, search and add business, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, financing, AR (Accounts Receivable) and AP (Accounts Payable) dashboard, and online dispute resolution are inbuilt in this platform. Banks, Enterprise Resource Planning (ERPs) and B2B fintechs alike can now connect with BBPS for Business and offer their clients a holistic solution.

This solution will empower businesses to seamlessly digitalise the existing manual processes, and enhance the services offered by B2B players by on-boarding these businesses on a comprehensive and interoperable digital invoice and payment solution.

UPI Circle (Delegate Payments)

The RBI Governor launched UPI Circle, wherein UPI users can delegate payments to their trusted secondary users.

UPI Circle is a feature enabling UPI user to act as a primary user linking with trusted secondary users on UPI App for either partial or full delegation of payments. In full delegation, the primary user authorises a trusted secondary user to initiate and complete UPI transactions as per defined spend limits. In partial delegation, the primary user authorizes initiation of payment requests from secondary users. The primary user then completes the UPI transaction with UPI Pin. A primary user can delegate to up to 5 secondary users and a secondary user can accept delegation from only one primary user.

Full delegation allows a maximum monthly limit of INR15,000 per delegation and a maximum per transaction limit of INR 5000. Existing UPI limits shall be applicable in case of partial delegation.  

A live demonstration of UPI Circle was showcased via UPI enabled apps, including BHIM, at the launch event. 

Comments

Post a Comment

Popular posts from this blog

First DPL match was won by US Consulate Staff Team

Image
  ICWO - Indian Community Welfare Organisation  organized the First DPL- Diplomat Cricket Tournament for Embassy, Consulate & High Commission Staff on 10 th   August 2024 at Soka Ikeda College of Arts and Science for Women, Sethu Bhaskara Nagar, Madhanangkuppam, Kolathur, Chennai. T he event aims to create high level Awareness to STOP Child Abuse, Child Trafficking, Child Marriage & Child Labour in Tamilnadu and mobilize funds for intervention to address the same. A.J.Hariharan, Secretary – ICWO thanked both the US Consulate and Malaysian Consulate for their support and participation in the diplomate cricket tournament as to create an awareness about the Child Marriage, Child Trafficking & Child Labour and Child Abuse in Tamilnadu. The tournament has created huge interest among the players and the consul officials. We, ICWO have plan to organize similar event on 3 rd  May 2025. This time for men and women doubles badminton tournament. We emphasis there is...
Read more

TATA AIG Strengthens Tamil Nadu Health Insurance Portfolio with New Riders amid Strong Growth

Image
Chennai, 12 November 2024: TATA AIG General Insurance, a leading general insurance provider in India, is strengthening its health insurance offerings in Tamil Nadu with five specialised riders: Mental Wellbeing, Empower Her, OPD Care, CanCare, and Flexi Shield. These riders are specifically designed to address the unique and diverse healthcare needs of the state’s residents, providing enhanced protection in areas such as mental health, women’s health, cancer treatment, and routine medical costs. TATA AIG has established a robust presence across 31 districts in Tamil Nadu, with key branches in Chennai, Coimbatore, Madurai, Tiruchirapalli, Tirunelveli, and Salem. The company’s expansive network includes over 1000 hospitals, ensuring seamless access to cashless treatment for its customers across both urban and rural regions. With a well-established network of agents and digital platforms, the company is bringing quality health insurance solutions to every corner of the state. This pe...
Read more

Apollo Cancer Centers now introduces Made in India, CAR T Cell Program

Image
First Private Hospital in India to Successfully Complete CAR T Cell Therapy.  In a ground-breaking development, Apollo Cancer Centres (ACCs) has emerged as the first private hospital group in India to have a successfully complete CAR-T cell program and to further augment it, the group will now provide access to Made in India CAR-T cell therapy, beginning with NexCAR19 (Actalycabtagene autoleucel), for the treatment of B-cell lymphomas and B-acute lymphoblastic leukaemia in patients aged 15 years and above.   Marking a historic moment in the country's medical landscape , Dr. T Raja, Director of Medical Oncology at ACC, Chennai, spearheaded the development of this revolutionary clinical program, and has successfully treated six patients till date.   CAR-T cell therapies, often known as living drugs involve the extraction of a patients T-cells (a type of white blood cells whose function is to fight cancer cells) through a process known as Apheresis. These T-cells are t...
Read more