{"id":6995,"date":"2022-12-08T12:35:16","date_gmt":"2022-12-08T12:35:16","guid":{"rendered":"http:\/\/rssoftware.com\/?p=6995"},"modified":"2022-12-28T12:35:50","modified_gmt":"2022-12-28T12:35:50","slug":"rbi-enhances-upi-mandates-and-expands-scope-of-bbps","status":"publish","type":"post","link":"http:\/\/rssoftware.com\/rswordpress\/rbi-enhances-upi-mandates-and-expands-scope-of-bbps\/","title":{"rendered":"RBI enhances UPI Mandates and expands Scope of BBPS"},"content":{"rendered":"\n<p>In his statement during the Monetary Policy Meeting on December 5-7, 2022, the&nbsp;RBI Governor announced certain additional measures w.r.t. UPI and BBPS:<\/p>\n\n\n\n<ul><li>UPI will be enhanced to introduce single-block-and-multiple-debits functionality. Currently, there is only single debit transactions functionality for a single block in the UPI \u2013 customers can only block one debit transaction in their accounts for their choice of payment.&nbsp; More than 70 lakh autopay mandates are handled every month and more than half of IPO applications are processed using the block feature of UPI.The new feature allows a customer to create a payment mandate against a merchant by blocking funds in his\/her bank account for specific purposes which can be debited whenever needed.&nbsp; It will be helpful for hotel bookings, purchase of securities in the secondary capital market, purchase of government securities using the RBI\u2019s Retail Direct scheme, e-commerce transactions, etc.&nbsp;This will build a higher degree of trust in transactions as merchants will be assured of timely payments, while the funds remain in the customer\u2019s account till the actual delivery of goods or services.<\/li><li>The scope of BBPS will be extended to include all categories of payments and collections, both recurring and non-recurring in nature. This should make the platform accessible to a wider set of individuals and businesses who can benefit from the transparent and uniform payments experience, faster access to funds, and improved efficiency.<\/li><\/ul>\n\n\n\n<p>The industry has wholeheartedly welcomed these enhancements.<\/p>\n\n\n\n<p>Read more: https:\/\/www.cnbctv18.com\/finance\/rbi-mpc-december-2022-shaktikanta-das-bharat-bill-payment-system-upi-details-15350951.htm<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In his statement during the Monetary Policy Meeting on December 5-7, 2022, the&nbsp;RBI Governor announced certain additional measures w.r.t. UPI and BBPS: UPI will be enhanced to introduce single-block-and-multiple-debits functionality. Currently, there is only single debit transactions functionality for a single block in the UPI \u2013 customers can only block one debit transaction in their [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[88],"tags":[],"_links":{"self":[{"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/posts\/6995"}],"collection":[{"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/comments?post=6995"}],"version-history":[{"count":0,"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/posts\/6995\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/media\/6996"}],"wp:attachment":[{"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/media?parent=6995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/categories?post=6995"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rssoftware.com\/rswordpress\/wp-json\/wp\/v2\/tags?post=6995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}