Business Standard

Wednesday, December 25, 2024 | 09:18 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

RBI to bring in framework for retail digital payments in offline mode

The central bank has enhanced the transaction limit under IMPS from Rs 2 lakh to Rs 5 lakh

RBI, Reserve Bank of India
Premium

It had announced its intention of doing pilot tests in this area in its developmental and regulatory statement dated August 06, 2020 | Photo: Shutterstock

Subrata Panda Mumbai
The Reserve Bank of India (RBI) on Friday announced that it will soon introduce a new framework for retail digital payments in offline mode across the country. This will further the reach and adoption of digital payments in areas with low internet connectivity. The RBI also raised the  daily transaction limit for immediate payment service (IMPS), from Rs 2 lakh to Rs 5 lakh.
 
It had announced its intention of doing pilot tests on transfers without internet in the developmental and regulatory statement dated August 6, 2020. After that, three pilots were successfully conducted under the scheme in different

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in