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Prepaid payment instruments: RBI makes prepaid instruments on a par with bank a/cs | India Business News

MUMBAI: The RBI has extended payments system access to KYC-compliant prepaid instrument issuers and standalone credit card companies and brought them on a par with banks. This has been done to enable financial inclusion using prepaid instruments, which can now almost double-up as a bank account. Withdrawal of cash from ATMs using non-bank prepaid instruments (PPIs) is now allowed. Further, the RBI has cleared PPI issuers, credit card companies and white label operators to participate in centralised payment systems like Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT). This will enable holders of prepaid instruments to send and receive money from other bank accounts.

PhonePe, Google Pay continue to be top UPI choices - The Hindu BusinessLine

PhonePe, Google Pay continue to be top UPI choices Surabhi Mumbai | Updated on Data released by the National Payments Corporation of India revealed that PhonePe continued to lead the UPI payments space in March PhonePe and Google Pay continued to be the top apps for Unified Payment Interface (UPI) in March this year with collectively nearly 87 per cent of the market share in terms of value of transactions and 79 per cent in terms of volume. Data released by the National Payments Corporation of India revealed that PhonePe continued to lead the UPI payments space in March processing 1,19.95 crore transactions amounting to ₹2.31-lakh crore. This amounted to 43.91 per cent of the market share in terms of volume in March.

RBI hikes payments bank deposit limit to Rs 2 lakh from Rs 1 lakh

RBI hikes payments bank deposit limit to Rs 2 lakh from Rs 1 lakh
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payments banks limit hike: Payments bank deposit limit hiked to Rs 2 lakh by RBI

Synopsis Payment banks have been seeking a hike in deposit limits for some time now. Some of the examples of the payment banks are: Paytm Payments Bank, Airtel Payments Bank, India Post Payments Bank etc. Getty Images Payments bank were launched to further provide banking services to the underserved population who are yet to open a bank account with the normal commercial bank. In a bid to give a fillip to digital payments banks, the Reserve Bank of India (RBI) today announced that it has hiked the maximum end of day balance for payment banks to Rs 2 lakh from Rs 1 lakh.

Bankers hail RBI s dovish policy, welcome G-SAP, TLTRO, PSL measures

A clear commitment to liquidity infusion through the G-Sec Acquisition Programme (G-SAP) and other growth-enhancing measures announced by the RBI on Wednesday led bankers to give a thumbs-up to the first policy review of the new fiscal. The RBI policy statement is a clear commitment to assuage uncertainties in the market through guaranteed, continued liquidity support and explicit guidance to navigate through the current COVID surge, the duration of which is uncertain, SBI s Chairman Dinesh Khara said. Welcoming other measures such as co-lending with non-banks being classified as priority sector lending, Khara termed the policy statement as one that leaves a clear imprint on growth .

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