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NAMIBIA TO ROLL OUT SYSTEM BASED ON INDIA’S UPI Why in the News? Historic step: Namibia became the first country to sign a licensing agreement to adopt India’s UPI system in April 2024, showcasing how government services can be improved through international cooperation. High-level talks: PM Narendra Modi and President Netumbo Nandi-Ndaitwah announced UPI rollout …
Read MoreRelevance: GS 3 – Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. Why in the News? The Reserve Bank of India (RBI) has initiated consultations on regulating payment aggregators conducting face-to-face transactions. Feedback and comments on these consultation papers are invited by the RBI until May 31. About the …
Read MoreSyllabus: GS 3: Effects of Liberalization on the Economy Indian Economy and issues relating to Planning. Growth and Development. Why in the News? The Reserve Bank of India (RBI) released draft rules for payment aggregators (PAs) in response to the need for better regulation, particularly in offline payment transactions. Source: ET About the Rules: These …
Read MoreWhy in the news? RBI plans to enable UPI for cash deposits, permits foreign investment in green bonds, and introduces a mobile app for Retail Direct scheme. source:fintra About RBI’s Initiatives for Digital Banking: RBI plans to enable Unified Payment Interface (UPI) for cash deposits, acknowledging its popularity and convenience. This move aims to enhance …
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