UPI Delegated Payments: RBI says that this will further simplify the process of digital payments. This change will be especially beneficial for those who want to transact on behalf of other family members..
Your UPI account will be used by your family members with your consent, this RBI policy regarding UPI will prove to be especially useful for family members such as spouse, children or elderly parents. This facility is known as delegates payments.
In fact, after the monetary policy meeting on Thursday, RBI Governor Shaktikanta Das gave information about this new feature. Through this new feature, the primary customer (ie in whose name the account is) can authorize someone else to use his UPI account. In this, the bank account will be single, but many people will be able to do UPI transactions from it. The other user will not need a bank account linked to UPI, which will make transactions even easier.
Preparation for big changes in UPI
RBI says that this will make the process of digital payment simpler. This change will be especially beneficial for those who want to transact on behalf of other family members. The Reserve Bank of India (RBI) has suggested delegated payments, after which anyone else will be able to spend money and make payments from your UPI account. However, it has not been implemented yet. But RBI said that work is going on on this.
Let us tell you, till now people make UPI payments privately, only one UPI ID is created with a bank account, and it can be used only by a single user. But now there is talk of running many UPI payment systems simultaneously from one bank account. To understand with an example, many people use a credit card right now, in the same way preparations are going on to create UPI payment system.
What is UPI Delegates Payments?
In simple words, you will have the master access of your UPI account and you will be able to give access of the account to anyone else for payment. This change in Unified Payments Interface (UPI) is said to make it more popular. Reserve Bank of India (RBI) has recently announced this new feature of Unified Payments Interface or UPI.
Let us tell you, at present UPI payment is being used in many countries of the world apart from India. If we talk about the country, UPI is being used a lot from city to village. Its biggest feature is that people get information about their transactions and balance in real time.
These big decisions in RBI meeting
Along with this, RBI has also increased the limit of tax payment through UPI. Earlier this limit was Rs 1 lakh, which has now been increased to Rs 5 lakh. With this change, it will be easier to pay tax of large amount through UPI. RBI’s Monetary Policy Committee has decided to keep the repo rate unchanged at 6.5 percent for the 9th consecutive time on August 8.
