Digital Payments
RBI Increases UPI Lite Wallet and Transaction Limits
The Reserve Bank of India (RBI) has raised the UPI Lite wallet limit from ₹2,000 to ₹5,000, which aims to encourage digital transactions. The new rules were announced recently and are effective immediately. New Wallet Limit The wallet limit for ..
Month: Current Affairs - December, 2024
Category: Economy & Banking Current Affairs
India’s UPI Achieves Record Transactions in October
India’s Unified Payments Interface (UPI) reached a milestone in October 2024, recording 16.58 billion transactions in one month. This marks a 45% increase from the previous year. The total amount transacted was ₹23.49 lakh crore. UPI continues to revolutionize India’s ..
Month: Current Affairs - December, 2024
Category: Economy & Banking Current Affairs
What is Aadhaar Enabled Payment System (AEPS)?
The Aadhaar Enabled Payment System (AEPS) is transforming banking access in rural and semi-urban regions. It utilizes Aadhaar numbers and biometric authentication for seamless transactions. This system promotes financial inclusion for underserved populations. What is AEPS? AEPS stands for Aadhaar ..
Month: Current Affairs - November, 2024
Category: Economy & Banking Current Affairs
Digital Payments Utsav
The Digital Payments Utsav is to be launched by the Ministry of Electronics and Information Technology. The main objective of the event is to create awareness of digital payments. It is being conducted on the sidelines of the G20 meeting. ..
Month: Current Affairs - February, 2023
Category: Important Days & Events Current Affairs
Reserve Bank of India-Digital Payments Index
The RBI constructed the Digital Payments Index to learn about digital payments in the country. The index is calculated based on five parameters namely Payment Enablers, Consumer centricity, payment infrastructure on the demand side, and payment infrastructure on the supply ..
Month: Current Affairs - February, 2023
Category: Economy & Banking Current Affairs • Reports & Indexes Current Affairs
BharatPe Gets Nod for ePayment Aggregator Licence
Fintech unicorn BharatPe recently announced that it has received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator. The approval was granted to the company’s wholly-owned subsidiary, Resilient Innovations Private Ltd. This comes as ..
Month: Current Affairs - January, 2023
Category: Science & Technology Current Affairs
RBI’s Launch of Utkarsh 2.0
The Reserve Bank of India (RBI) has launched Utkarsh 2.0, the second phase of its medium-term strategy for strengthening regulatory and supervisory mechanisms. Utkarsh 2.0 builds upon the foundation laid by Utkarsh 2022, which was launched in July 2019 and ..
Month: Current Affairs - January, 2023
Category: Economy & Banking Current Affairs
UPI Reaches Record High in December
India’s Unified Payments Interface (UPI) processed a record 7.82 billion transactions in December, worth a total of INR 12.82tn ($174.6bn). This represents an increase of 7.12% in volume and 7.73% in value compared to November. On a year-on-year basis, volume ..
Month: Current Affairs - January, 2023
Category: Economy & Banking Current Affairs