On April 8, Reserve Bank of India (RBI) Governor Shaktikanta Das announced that cardless cash withdrawal using the unified payment interface (UPI) has been extended and will be made available at all bank branches and ATMs to prevent fraudulent transactions during the first Monetary Policy Committee (MPC) statement for the financial year 2022-2023.
”At present, the facility of card-less cash withdrawal through ATMs is limited only to a few banks. In his MPC statement, Das added, “It is now proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the UPI.”
The RBI will also assess customer service standards in RBI-regulated firms, according to Shaktikanta Das.
It is proposed to establish a committee to examine and review the current state of customer service in all RBI regulated entities, in light of the transformation underway as a result of innovations, products, and services, as well as the deepening of digital penetration and the emergence of different service providers.
He explained that the Bharat Bill Payment System (BBPS) is an interoperable bill payment network that has experienced an increase in the number of bill payments and billers over time.
It is proposed to reduce the net worth requirement of non-bank Bharat Bill Payment Operating Units from Rs 100 crore to Rs 25 crore in order to facilitate greater bill payment penetration through the BBPS and to promote the involvement of a greater number of non-bank Bharat Bill Payment Operating Units in the BBPS.
The essential regulatory changes will be implemented as soon as possible. Standardized bill payment experience, centralized customer grievance redress process, mandated customer convenience fee, and other perks are available to BBPS users.
BBPS is an interoperable bill payment platform with a scope and coverage that includes all types of billers who raise recurring bills.
The number of non-bank Bharat Bill Payment Operating Units has not increased in lockstep with the number of non-bank Bharat Bill Payment Operating Units (BBPOUs).
Maintaining the safety and security of payment systems is a fundamental RBI aim, according to the statement, because they play a catalytic role in encouraging financial inclusion and fostering financial stability.
It is critical to guarantee that payment system infrastructures are not only efficient and effective but also resilient to traditional and emerging risks, particularly those related to cyber security, as the use of digital payment methods increases.
