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RBI Proposes Offline Mode For Digital Payments Solutions

In the midst the make India digital and promote online payment, the Reserve Bank of India on Friday proposed to introduce a framework where people can make payments via online application even in situations of low internet connectivity, across the country.

RBI Governor Informs Pilot Success Of The Framework 

As per the latest reports, RBI governor addressed the post-MPC meeting virtually. He said that the pilot of the innovative proposal of technology facilitating digital payments in the offline mode has been successful so far. And the learning from the pilot indicate that there is scope for such solutions in the near future, especially in the rural or remote areas.
This comes after the RBI’s statement on Development and Regulatory Policies dated August 6, 2020 had announced a scheme to conduct pilot tests around innovative technology which would enable retail digital payments even when the internet connectivity is low or not available.
Reports suggest that so far, three pilots have been successfully conducted under the scheme across different parts of the country from September 2020 to June 2021. This involved covering small value transitions and covering large volume transactions.
Detailed guidelines are yet to be released.

RBI Increases IMPS Transactions Limit To Rs 5 Lakh 

In the recent update, the Reserve Bank of India increased the transaction limit of the Immediate Payment Service (IMPS) of the National Payments Corporation of India (NPCI) to Rs 5 lakh from the previous limit of Rs 2 lakh.
RBI noted that the IMPS is an important payment system providing 24×7 instant domestic funds transfer facility and is accessible through various channels. The per transaction limit in the IMPS which has been effective since January 2014 iwas capped at Rs 2 lakh for channels other than SMS and IVRS. With the RTGS being operational at all times, there have been an increase in the settlement cycles of IMPS.