RBI Policy : QR-based coin vending machine to be launched in 12 cities, says Das

The currency regulating body of the country also announced that all incoming travellers to India will be permitted to use UPI system for their merchant payments, starting with those arriving from G-20 countries.

UPI payments system has gained immense popularity for retail digital payments in India, and its adoption is increasing at a highly rapid pace.

According to NPCI, “Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.”

As per BankBazar, “Unified Payments Interface (UPI) is a payment system that allows users to link more than one bank account in a single smartphone app and make fund transfers without having to provide IFSC code or account number. This is a real-time payment system where funds are credited instantly on a real-time basis.”

The RBI monetary policy committee headed by Shaktikanta Das hiked the repo rate by 25 basis points to 6.5 per cent today. In the mean time, the committee estimated India’s real GDP growth to be at 6.4 per cent for the next financial year.