RBI introduces single-block-and-multiple debits functionality in UPI

Feature will make payments easier for e-commerce and investments in securities

The Reserve Bank of India (RBI) on Wednesday announced introducing a single-block-and-multiple debits functionality in Unified Payments Interface (UPI). Customers can enable a payment mandate for a merchant by earmarking funds in their bank accounts for debits whenever required.

According to RBI, the functionality will make payments easier for e-commerce and investments in securities. It would be helpful for hotel bookings, purchase of securities in the secondary capital market as also purchase of government securities using the central banks’ Retail Direct scheme, e-commerce transactions etc.

“This will build higher degree of trust in transactions as merchants will be assured of