RBI enhances UPI Lite wallet limit to Rs 5,000
Mumbai (PTI): The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones.
A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment.
Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
UPI123 was launched in March 2022, with a view to enable feature-phone users to use UPI. This facility is now available in 12 languages.
In another customer-friendly initiative, Das announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems will be introduced.
Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction.
There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said.
"Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a ‘beneficiary account name look-up facility’," he said.
Remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed.
This facility will increase customer confidence as it would reduce the possibility of wrong credits and frauds, Das said.
The Central bank will also create 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system.
Das said it is crucial for regulated entities to undertake climate risk assessments for ensuring stability of their balance sheets and that of the financial system.
Such an assessment requires, among other things, high quality data relating to local climate scenarios, climate forecasts, and emissions, he said.
The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units.
To bridge these gaps, Das said the Reserve Bank proposes to create a data repository -- RB-CRIS -- comprising two parts.
The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible in the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats).
The access to this data portal will be made available only to the regulated entities in a phased manner.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Speaker Khader dismisses BJP's charges of 'delay' in swearing-in of Jeevaraj as MLA
Bengaluru (PTI): Karnataka Assembly Speaker U T Khader on Wednesday rejected opposition BJP's allegations of delaying the swearing-in of D N Jeevaraj as MLA, asserting that the process was being handled strictly in accordance with constitutional provisions and rules.
BJP candidate Jeevaraj, who had lost the 2023 Sringeri Assembly election to Congress leader T D Raje Gowda, was declared elected late Sunday night after reverification and recounting of postal ballots in compliance with a High Court order.
The recount reduced 255 votes from Gowda's tally, overturning his earlier victory margin of 201 votes and reversing the result.
The recount followed an election petition filed by Jeevaraj.
Addressing reporters, Khader maintained that there was no delay in administering the oath to Jeevaraj, who was declared elected from the Sringeri Assembly constituency after a High Court-ordered recount of postal ballots.
“Where have we delayed? The application was submitted at 11 am. If an application is given in the morning and by evening someone says it’s delayed — how is that a delay?” he said, dismissing the allegations.
The Speaker said the matter involved 'technical issues' that required examination before fixing a date for oath-taking.
“When such a matter comes, we also need to examine it and take a decision as per rules. If an application is given in the morning, at least 24 hours must be given,” he said.
Khader stressed that his role was bound by the Constitution and not influenced by political considerations.
“When an elected MLA asks for time, we must give it under the Constitution and law. Can we refuse? No, we have to give it,” he said, rejecting suggestions that he was acting under party pressure.
He also underlined the need for trust in democratic institutions amid the controversy.
“A democracy and parliamentary system must function on trust. Without that, how can democracy be strengthened? Trust is essential,” he said, cautioning against creating suspicion around constitutional positions.
On claims that the delay was linked to the ongoing political and legal dispute over the recount, Khader said the issue did not fall within his purview.
“My responsibility is to act as per the Constitution and rules. I will ensure that whatever is due to them is done as soon as possible,” the Speaker explained.
He said he had already communicated his position when contacted and would formally inform the concerned parties. “There is no delay, nor any intention to delay. I will discharge my duties as per the Constitution,” he said.
Khader also pointed to possible legal complications in hastily administering the oath.
“If I give the oath to one person and tomorrow the court declares someone else the winner, what happens then? Will it automatically cancel? Will confusion arise?” he asked, indicating the need for due diligence.
On concerns that Jeevaraj had lost over two years of tenure, the Speaker said representation was linked to that constituency rather than an individual.
“Whoever becomes the MLA represents the constituency. Benefits are not given to an individual,” he said, adding that issues of alleged irregularities should be examined by the Election Commission.
The remarks come after the Leader of Opposition BJP in the Karnataka Assembly, R Ashoka on Wednesday accused the Speaker of 'deliberately' delaying the oath and approached Governor Thaawarchand Gehlot seeking intervention, even suggesting that the Governor administer the oath if required.
Chief Minister Siddaramaiah termed the process 'Vote Dacoity' by Jeevaraj and said an FIR has been registered against the newly elected Sringeri MLA.
Defending the recount process, Jeevaraj denied allegations of tampering, while the High Court has stayed an FIR filed against him in connection with the postal ballot issue.
