The Reserve Bank of India (RBI) has proposed some changes to make payments and borrowing easier for people:
- Higher UPI Payment Limit: The RBI wants to increase the maximum amount you can pay in one UPI transaction from Rs 1 lakh to Rs 5 lakh. This change aims to make it simpler for people to pay large amounts, such as taxes, using UPI.
- Delegated Payments: The RBI also plans to let people allow others to make UPI payments on their behalf. For example, someone could let a family member or friend make payments from their bank account without needing a separate UPI account for the secondary person. This will make digital payments more accessible.
- Digital Lending Apps: To protect consumers from unauthorized lending apps, the RBI suggests creating a public list of digital lending apps used by banks and financial institutions. This list will help people avoid apps that are not officially approved.
- Faster Credit Reporting: The RBI proposes that lenders report credit information more frequently, every two weeks, instead of just once a month. This will help borrowers see updates on their credit scores faster and will assist lenders in assessing credit risks more accurately.
