RBI Proposes to include replenishment of UPI Lite Wallet and balances in Fastag, National Common Mobility Card in the e-mandate framework; global hackathon, “HaRBInger 2024” with themes ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’ will be launched shortly
Shaktikanta Das, Governor, Reserve Bank of India
FinTech BizNews Service
Mumbai, June 7, 2024: The Reserve Bank has taken a number of measures over the years to deepen digital payments while ensuring their safety and security. These measures have boosted consumer confidence. “Growing instances of digital payment frauds, however, highlight the need for a system-wide approach to prevent and mitigate such frauds. It is, therefore, proposed to establish a Digital Payments Intelligence Platform for network level intelligence and real-time data sharing across the digital payments’ ecosystem. To take this initiative forward, the Reserve Bank has constituted a committee to examine various aspects of setting up the Platform,” said Shaktikanta Das, Governor, the Reserve Bank of India, today following MPC meeting. The Monetary Policy Committee (MPC) met on 6th, 7th and 8th December 2023.
Inclusion of Recurring Payments with Auto-Replenishment Facility under the e-mandate Framework
The adoption of e-mandates for recurring payment transactions has been increasing. It is now proposed to include payments, such as replenishment of balances in Fastag, National Common Mobility Card (NCMC), etc. which are recurring in nature but without any fixed periodicity, in the e-mandate framework. This will enable customers to automatically replenish the balances in Fastag, NCMC, etc. if the balance goes below the threshold limit set by them. This will enhance convenience in making travel / mobility related payments.
Introduction of Auto-Replenishment of UPI Lite Wallet – Inclusion under the e-mandate Framework
UPI Lite was introduced in September 2022 to enable small value payments in a quick and seamless manner through an on-device wallet. To encourage wider adoption of UPI Lite, it is now proposed to bring it under the e-mandate framework by introducing a facility for customers to automatically replenish their UPI Lite wallets if the balance goes below the threshold limit set by them. This will further enhance the ease of making small value digital payments.
HARBINGER 2024 – Innovation for Transformation
The Reserve Bank has taken several pioneering initiatives in recent years to encourage innovation in the fintech sector. One such key initiative is the global hackathon: ‘HaRBInger - Innovation for Transformation’. The first two editions of the hackathon were completed in the year 2022 and 2023, respectively. The third edition of the global hackathon, “HaRBInger 2024” with two themes, namely ‘Zero Financial Frauds’ and ‘Being Divyang Friendly’ will be launched shortly.
