Shyft Network’s Post

The Reserve Bank of India's Digital Payments Index (RBI-DPI) for March 2024 is 445.50, up 12.6% from 395.57 in March 2023 and higher than 418.77 in September 2023. This increase reflects improvements across all parameters, including payment performance and infrastructure. The index, with March 2018 as the base (100), tracks India's payment digitization and includes five parameters: Payment Enablers, Demand-side and Supply-side Infrastructure, Payment Performance, and Consumer Centricity. #RBI #DigitalPayments #PaymentsIndex #Fintech #India #FinancialInclusion #PaymentInfrastructure #PaymentPerformance #ConsumerCentricity #DigitalTransformation #FintechGrowth #PaymentEnablers

The Reserve Bank of India's Digital Payments Index (RBI-DPI) for March 2024 is 445.50, up 12.6% from 395.57 in March 2023 and higher than 418.77 in September 2023. This increase reflects improvements across all parameters, including payment performance and infrastructure. The index, with March 2018 as the base (100), tracks India's payment digitization and includes five parameters: Payment Enablers, Demand-side and Supply-side Infrastructure, Payment Performance, and Consumer Centricity. #RBI #DigitalPayments #PaymentsIndex #Fintech #India #FinancialInclusion #PaymentInfrastructure #PaymentPerformance #ConsumerCentricity #DigitalTransformation #FintechGrowth #PaymentEnablers

🌟 The future of payments is here with the RBI's Digital Rupee! 💸💡This innovative step towards a cashless economy opens up opportunities for financial inclusion, especially for unbanked populations in rural areas where internet connectivity is limited. 🌍🔒 With the ability to make offline transactions secure, we're moving towards a future where everyone, everywhere, has access to fast, reliable, and secure payment methods. 🏦 💼🔗Merchants also benefit from faster settlements, reduced transaction costs, and minimized risks associated with physical cash handling. 🛒 The RBI's digital currency promises to revolutionize how we conduct business and foster financial innovation across India! 🚀🇮🇳 #DigitalRupee #FinTechRevolution #FinancialInclusion #CashlessFuture #DigitalPayments #Innovation #RBI #IndiaForward

𝐑𝐁𝐈 𝐃𝐨𝐮𝐛𝐥𝐞𝐬 𝐔𝐏𝐈 𝟏𝟐𝟑𝐏𝐚𝐲 𝐋𝐢𝐦𝐢𝐭 𝐭𝐨 ₹𝟏𝟎,𝟎𝟎𝟎, 𝐄𝐱𝐩𝐚𝐧𝐝𝐬 𝐔𝐏𝐈 𝐋𝐢𝐭𝐞 𝐂𝐚𝐩𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 On October 9, Reserve Bank of India (RBI) Governor Shaktikanta Das declared that an increase in UPI transaction limits would be implemented in order to improve digital payments. The adjustments include raising the UPI Lite wallet limit from ₹2,000 to ₹5,000 and raising the UPI 123Pay per-transaction limit from ₹5,000 to ₹10,000. Read More: https://lnkd.in/gMwxGw5J #AsiaOne #AsiaOneMagazine #UPI #DigitalPayments #Fintech #RBI #FinancialInclusion #UPI123Pay #CashlessIndia #IndiaDigital #PaymentsMadeEasy #UPIRevolution #DigitalBanking #TechInFinance #FinancialRevolution #TechForGood #FutureOfPayments #InnovativePayments #UPILite #SmartPayments #DigitalIndia #TechTrends #UPINews #Economy

🌍 Boosting Global Remittances with UPI & CBDCs 🌍 The adoption of Unified Payments Interface (UPI) and Central Bank Digital Currencies (CBDCs) can transform remittance flows, reducing costs and increasing inflows. According to the Reserve Bank of India, the global acceptance of UPI and the development of CBDCs can help reduce remittance fees significantly, enhancing volumes and benefiting recipients. In 2023, Fintechs offered the most cost-effective solution with an average remittance fee of 4.2% per $200, compared to 5.4% by money transfer operators and 11.5% by banks. India’s remittance growth remains strong, with estimates projecting it to reach $160 billion by 2029. As digital payments advance and India’s skilled workforce continues to grow, the future of remittances looks promising. #Fintech #Remittances #UPI #CBDCs #DigitalPayments #RBI #FinancialInclusion

Reserve Bank of India (RBI)'s Monetary Policy Committee's latest proposals are crutial in shaping the future of digital payments in India. Firstly, enabling #UPI for Cash Deposit Machines (CDMs) is a game-changer. This move will enhance customer convenience and alleviate the burden on traditional bank branches. Secondly, the proposal to extend UPI access to Prepaid Payment Instruments (PPIs) through third-party applications is a step towards democratizing digital payments. By empowering #PPI holders with the same flexibility enjoyed by bank account holders, the RBI is fostering a more inclusive financial ecosystem. Lastly, the initiative to distribute Central Bank Digital Currencies (#CBDCs) through non-bank payment system operators underscores the RBI's forward-thinking approach. By expanding access to CBDC-Retail and testing its resilience across multiple channels, the RBI is paving the way for a future-ready payment infrastructure. These developments can propel India towards becoming a digital payments powerhouse. #Digital #RBI #Payments #bank #EmergingIndia #Newindia #RuralFintech #MPC

India's digital transformation is accelerating rapidly, as highlighted by RBI Deputy Governor Michael Patra. Key advancements include the rise of digital banking, fintech innovations, and the success of the Unified Payments Interface (UPI), positioning India as a global leader in digital payments. Looking forward, initiatives like the Central Bank Digital Currency (CBDC) and digital supply chain finance are set to reshape the financial landscape further. With projections indicating a potential $6.9 trillion digital economy by 2047, India's digital journey is just beginning. #DigitalTransformation #FinTech #IndiaTech #FinancialInclusion #Innovation

Digital Rupee and Central Bank Digital Currency (CBDC): The Future of Money in India? 💸 The introduction of the Digital Rupee by the Reserve Bank of India (RBI) marks a transformative step in India's financial ecosystem. As the world increasingly moves towards digital payments, the Digital Rupee represents a secure, efficient and inclusive alternative to traditional currency. ⚡️ Why is the Digital Rupee important? - Enhancing Payment Efficiency: Faster, cheaper, and more secure transactions. - Financial Inclusion: Bridging the gap for unbanked citizens. - Reducing Dependency on Cash: Cutting down costs associated with physical cash. - Combatting Financial Fraud: Offering better traceability and security. The RBI has commenced piloting the Digital Rupee in phases, starting with a program for the wholesale segment (CBDC-W) in November 2022, followed by a retail segment pilot (CBDC-R) in December 2022. 🕰️ Likely Timeline for Full Implementation: 1. Pilot Programs in 2022-2023 2. Gradual Rollout Over 2023-2025 3. Full Implementation by 2025-2026 #DigitalRupee #CBDC #Fintech #FinancialInclusion #DigitalTransformation #India #RBI #FutureOfMoney #Innovation #Finance

The recent news about a proposed Self-Regulatory Organization for digital payments in India has got me thinking. This initiative could be a game-changer, fostering a more competitive and innovative environment. However, it's important to address potential challenges like ensuring representation for all stakeholders and establishing effective enforcement mechanisms. I'm eager to see how this will shape the future of digital payments in India. #Fintech #DigitalPayments #India #SRO #Regulation #UPI #BHIM #GPay #PhonePe #Paytm #RBI #ReserveBankOfIndia Reserve Bank of India (RBI)FinTechAssociation National Payments Corporation Of India (NPCI)

The latest developments from the Reserve Bank of India (RBI) as outlined in their recent Statement on Developmental and Regulatory Policies. This statement encompasses key policy measures focusing on Financial Markets, Regulations, and Payment Systems and FinTech, showcasing the RBI's commitment to fostering innovation and enhancing the efficiency of the financial ecosystem. 📈 Financial Markets: One notable highlight is the introduction of Sovereign Green Bonds (SGrBs) in the International Financial Services Centre (IFSC), allowing eligible foreign investors to participate in these environmentally friendly investment opportunities. This move not only promotes sustainable finance but also aims to broaden non-resident participation in the Indian market. Additionally, the RBI Retail Direct Scheme, which provides individual investors access to government securities, is set to become even more accessible with the upcoming launch of a mobile application. This innovation will empower investors to conveniently buy and sell securities on the go, further democratizing investment opportunities. 📜 Regulations: The RBI is continuously evolving its regulatory framework to address emerging risks and enhance the resilience of the banking sector. A review of the Liquidity Coverage Ratio (LCR) framework is underway to adapt to changing depositor behaviors, particularly in digital banking channels. These modifications aim to strengthen liquidity risk management practices among banks. Furthermore, Small Finance Banks (SFBs) will soon have expanded avenues for hedging interest rate risks, as they will be permitted to deal in rupee interest rate derivative products. This decision underscores the RBI's commitment to providing SFBs with greater flexibility in managing their balance sheet risks effectively. 💳 Payment Systems and FinTech: In a bid to enhance customer convenience and promote digital payments, the RBI is enabling UPI for cash deposit facilities and allowing Prepaid Payment Instruments (PPIs) to be linked through third-party UPI applications. Moreover, the distribution of Central Bank Digital Currencies (CBDCs) through non-bank payment system operators is set to broaden access to digital currencies and test the resilience of the CBDC platform. These progressive steps underscore the RBI's dedication to fostering a robust and inclusive financial ecosystem that leverages technology to drive financial inclusion and innovation. For more details on these transformative policy measures, you can refer to the RBI's official press release. #RBI #FinancialMarkets #Regulations #PaymentSystems #FinTech #Innovation #Sustainability #DigitalPayments #BankingSector #FinancialInclusion