RBI to introduce offline e-rupee transactions soon: Shaktikanta Das
Mumbai (PTI): Digital rupee users will soon be able to execute transactions in areas with limited internet connectivity as the RBI on Thursday announced that offline capability will be introduced on the Central bank digital currency (CBDC) pilot project.
Reserve Bank of India Governor Shaktikanta Das said that programmability-based additional use cases will be introduced as part of the pilot project.
RBI launched a pilot of the retail CBDC in December 2022 and achieved the target of having 10 lakh transactions a day in December 2023.
It can be noted that other payment platforms, especially the very popular Unified Payments Interface (UPI), already offer offline possibilities.
"it is proposed to introduce an offline functionality in CBDC-R (Retail) for enabling transactions in areas with poor or limited internet connectivity," Das said while announcing the bi-monthly monetary policy review.
He said multiple offline solutions, which include both proximity and non-proximity based ones, will be tested across hilly areas, rural and urban locations for the purpose.
On the programmability front, he said that currently, the system enables Person to Person (P2P) and Person to Merchant (P2M) transactions using digital rupee wallets provided by pilot banks.
"It is now proposed to enable additional use cases using programmability and offline functionality," he said.
The programmability feature will permit users like government agencies to ensure that payments are made for defined benefits, he said, adding that corporates will also be able to programme specified expenditures like business travel for their employees.
Additional features like validity period or geographical areas within which CDBC may be used can also be programmed, he said.
Meanwhile, Das also announced RBI's intent to enhance the security features of Aadhaar enabled Payment Systems (AePS), which was used by 37 crore people in 2023.
"To enhance the security of AePS transactions, it is proposed to streamline the onboarding process, including mandatory due diligence, for AePS touch point operators, to be followed by banks," Das said, adding that instructions on the same will be issued shortly.
At present, Das said lenders are using the SMS method for complying with the additional factor authentication requirements but advancements in technology have opened up newer means.
"To facilitate the use of such mechanisms for digital security, it is proposed to adopt a principle-based "Framework for authentication of digital payment transactions"," he said.
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Fighting against Joshi's divisive tactics, oppression of Veerashaiva-Lingayats: Dingaleshwar Swami
Hubballi: Fakira Dingaleshwara Swami, the pontiff of the Shirahatti Mutt, who recently withdrew his nomination as an Independent candidate from the Dharwad constituency, has renewed his criticism of Union Minister Pralhad Joshi, accusing him of employing divisive tactics and oppressing the Veerashaiva-Lingayat community.
Addressing reporters in Hubballi on Saturday, the pontiff asserted his intention to challenge the BJP candidate, Joshi, whom he accuses of hindering the progress of Lingayats and Veerashaivas. Dingaleshwara Swami alleged that Joshi had thwarted the development of Dharwad despite representing the constituency for two decades. He questioned Joshi's track record in facilitating Central government appointments for locals and in allocating funds for Dharwad's development.
Accusing Joshi of pursuing a policy of divide-and-rule, Dingaleshwara Swami claimed that the BJP candidate regularly met with senior pontiffs to exert pressure on him. The pontiff warned Joshi against attempting to divide the mentor-disciple relationship between himself and the Shirahatti Mutt's senior pontiff, suggesting that such actions could lead to Joshi's marital separation. He also claimed to possess video evidence of Joshi's meetings with various pontiffs during the election period.
Critiquing Joshi's focus on the recent tragic incident involving Neha Hiremath in Hubballi, Dingaleshwara Swami accused him of exploiting the situation for political gain. The pontiff emphasized Joshi's alleged neglect of the backward classes and Lingayats throughout his tenure as MP.
Dingaleshwara Swami affirmed his desire for Joshi's defeat, citing significant cultural and social changes in Dharwad since Joshi assumed office. He also highlighted the alleged absence of government grants to mutts in the Dharwad constituency over the past 15 years.
