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<ul><li>UPI network to facilitate payments financed by credit from banks, reducing the cost of such offerings. </li><li>Decision to create a web portal that allows for searches across multiple banks to identify possible unclaimed deposits.</li><li>A comprehensive framework to be established to improve grievance redress and customer service by credit institutions and credit information companies. </li></ul>The RBI monetary policy committee decided to keep policy repo rates unchanged at 6.50% in its monetary policy statement, much to the cheer of homebuyers. There were also five key announcements on various developmental and regulatory policy measures. <cmsannotation type="cmsannotation" annotationid="UPI network to facilitate payments financed by credits from banks" comment="subhead2" text="UPI network to facilitate payments financed by credits from banks">UPI network to facilitate payments financed by credits from banks</cmsannotation> Currently, UPI transactions can only be made between deposit accounts at banks, sometimes with the help of pre-paid instruments like wallets. However, it is now proposed to expand the scope of UPI by enabling transfers to/from pre-sanctioned credit lines at banks in addition to deposit accounts. This means that the UPI network will facilitate payments financed by credit from banks, reducing the cost of such offerings and aiding in the development of unique products for the Indian market. Presently UPI handles 75% of India's retail digital payments volume and the UPI system has been used to create products and features that align with India's goals for digital payments. Recently, RuPay credit cards were allowed to be linked to UPI. <cmsannotation type="cmsannotation" annotationid="Development of centralized web portal for public to search unclaimed deposits" comment="subhead2" text="Development of centralized web portal for public to search unclaimed deposits">Development of centralized web portal for public to search unclaimed deposits</cmsannotation> If deposits in a bank remain unclaimed for 10 years, they are moved to the "Depositor Education and Awareness" (DEA) fund managed by the Reserve Bank of India. As the protection of depositors is a top priority, the RBI has taken various steps to prevent new deposits from becoming unclaimed and to ensure that existing unclaimed deposits are returned to their rightful owners or beneficiaries through due process. One of these steps is that banks must display a list of unclaimed deposits on their website. To make it easier for depositors and beneficiaries to access this information, the RBI has decided to create a web portal that allows for searches across multiple banks to identify possible unclaimed deposits based on user input. This search functionality will be improved through the use of AI tools. At the end of February 2023, the unclaimed deposits at public sector banks exceeded ₹35,000 crore. <cmsannotation type="cmsannotation" annotationid="Developing an Onshore Non-deliverable Derivatives Market" comment="subhead2" text="Developing an Onshore Non-deliverable Derivatives Market">Developing an Onshore Non-deliverable Derivatives Market</cmsannotation> Indian banks with International Financial Services Centre (IFSC) Banking Units (IBUs) were authorized to conduct INR non-deliverable foreign exchange derivative contracts (NDDCs) with non-residents and with each other as of June 1, 2020. To further develop the onshore INR NDDC and provide residents with greater flexibility in designing their hedging programs, banks with IBUs will now be allowed to offer INR NDDCs to residents in the onshore market. These banks can choose to settle their NDDC transactions with non-residents and with each other in foreign currency or INR, while transactions with residents must be settled in INR. Separate instructions related to this decision will be issued. <cmsannotation type="cmsannotation" annotationid="Enhancing efficiency of regulatory processes" comment="subhead2" text="Enhancing efficiency of regulatory processes">Enhancing efficiency of regulatory processes</cmsannotation> Various entities must obtain licenses or authorisations from the Reserve Bank of India (RBI) to conduct activities that are regulated by the RBI. Additionally, regulated entities must periodically seek certain regulatory approvals from the RBI under various statutes and regulations. Currently, the application and approval processes for these licenses and approvals take place through a mix of online and offline modes. In the 2023-24 Union Budget, it was announced that financial sector regulators need to simplify, streamline, and reduce the costs of compliance within specific time limits for applications made under various regulations. As a result, the RBI has decided to create a secure, web-based, centralized portal called "PRAVAAH" (Platform for Regulatory Application, Validation And Authorisation) that will gradually be extended to handle all types of applications made to the RBI across all functions. <cmsannotation type="cmsannotation" annotationid="Grievance redress mechanism and customer service provided by the credit institutions and credit information companies" comment="subhead2" text="Grievance redress mechanism and customer service provided by the credit institutions and credit information companies">Grievance redress mechanism and customer service provided by the credit institutions and credit information companies</cmsannotation> Due to the rise in customer complaints regarding credit information reporting and the functioning of credit information companies (CICs), it has been decided to establish a comprehensive framework for improving the efficacy of the grievance redress mechanism and customer service provided by both credit institutions (CIs) and CICs. As part of this framework, the CICs will be brought under the Reserve Bank Integrated Ombudsman Scheme (RB-IOS). In addition to this, several measures will be implemented, including a compensation mechanism for delayed updates/corrections of credit information, SMS/email alerts to customers when their credit information is accessed by CICs, a timeframe for the ingestion of data received by CICs from credit institutions, and disclosures regarding the number and nature of customer complaints received on the website of CICs. Detailed guidelines on these measures will be issued shortly. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-monetary-policy-committee-keeps-repo-rate-unchanged-at-6-5/articleshow/99284354.cms">RBI’s Monetary Policy Committee keeps repo rate unchanged at 6.5%, for now</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/to-make-good-returns-you-neednt-shop-for-investment-products-you-need-to-be-an-investor/articleshow/99286565.cms">‘To make good returns, you needn’t shop for investment products, you need to be an investor’</a>

Centralised portal to search unclaimed deposits, UPI for credit lines and other key RBI announcements

Did you always long for an <keyword id="2073152" type="UNKNOWN" weightage="100" keywordseo="India-focused-Wikipedia">India-focused Wikipedia</keyword> that would provide all relevant information about the country? Well, you are there, almost. A couple of days ago, the <keyword id="44734" type="ORGANIZATION" weightage="100" keywordseo="Indian-Government">Indian government</keyword> has launched <a href="http://vikaspedia.gov.in/index">Vikaspedia</a>, a multi-lingual portal that enables access to crucial information across six key areas – <keyword id="6355165" type="ORGANIZATION" weightage="100" keywordseo="Agriculture">agriculture</keyword>, <keyword id="6354750" type="CITY" weightage="100" keywordseo="health">health</keyword>, <keyword id="6355445" type="COMPANY" weightage="100" keywordseo="Education">education</keyword>, <keyword id="6356140" type="ORGANIZATION" weightage="100" keywordseo="social-welfare">social welfare</keyword>, <keyword id="6357014" type="ENTERTAINMENT" weightage="100" keywordseo="energy">energy</keyword> and <keyword id="6391682" type="UNKNOWN" weightage="100" keywordseo="e-governance">e-governance</keyword>. The site also features a handful of <keyword id="2073193" type="UNKNOWN" weightage="100" keywordseo="G2C">G2C</keyword> (<keyword id="2073195" type="UNKNOWN" weightage="100" keywordseo="Government-to-citizen">government to citizen</keyword>) and <keyword id="2073194" type="UNKNOWN" weightage="100" keywordseo="G2B">G2B</keyword> (<keyword id="2073196" type="UNKNOWN" weightage="100" keywordseo="Government-to-business">government to business</keyword>) services besides discussion forums, impact stories/case studies, <keyword id="2073160" type="ORGANIZATION" weightage="100" keywordseo="Learning-resources">learning resources</keyword>, mobile app downloads, and news &amp; events. 
 <keyword id="2065138" type="UNKNOWN" weightage="100" keywordseo="Vikaspedia">Vikaspedia</keyword> is currently available in five languages including Hindi, English, Assamese, Marathi and Telugu. But going forward, there are plan to make it accessible in all 22 Indian languages. 
 The portal is a part of the <keyword id="2073165" type="UNKNOWN" weightage="100" keywordseo="India-Development-Gateway">India Development Gateway</keyword> (<keyword id="209592" type="ORGANIZATION" weightage="100" keywordseo="IDG">IDG</keyword>) initiative, aimed at offering information and ICT-based knowledge products and services in the <keyword id="2073167" type="UNKNOWN" weightage="100" keywordseo="Social-development-domain">social development domain</keyword>. IDG is being run by the <keyword id="260126" type="ORGANIZATION" weightage="100" keywordseo="department-of-electronics">Department of Electronics</keyword> and <keyword id="6363148" type="TECHNOLOGY" weightage="100" keywordseo="information-Technology">Information Technology</keyword> (<keyword id="382618" type="UNKNOWN" weightage="100" keywordseo="deity">DeitY</keyword>). Vikaspedia has been developed by the <keyword id="64489" type="ORGANIZATION" weightage="100" keywordseo="Centre-for-Development-of-Advanced-Computing">Centre for Development of Advanced Computing</keyword> (C-DAC), Hyderabad. 
 
So how does Vikaspedia bring value to our everyday life? Since it is a government-run information portal and not a crowd-sourced Indian Wiki, don’t expect to find interesting ‘Leaks’ here that will give you an insight into State documents and policy-making. But this one promises to be better than the run-of-the-mill government repositories. 
 For one, authorities say it is part of the initiative to <keyword id="2073175" type="UNKNOWN" weightage="100" keywordseo="Democratise-information">democratise information</keyword>, leveraging the power of the Internet. And that claim is true to some extent. Earlier, fast, hassle-free access to real-time and crucial data was quite unthinkable and people had to pay for it as well. But from now on, most of it will be made available for free. Of course, that doesn’t mean that the paid <keyword id="6356198" type="ORGANIZATION" weightage="100" keywordseo="RTI">RTI</keyword> (<keyword id="55120" type="ORGANIZATION" weightage="100" keywordseo="Right-To-Information">Right To Information</keyword>) services will be scrapped any time soon. But with Vikaspedia in place, one can access the essential information for free. 
 Moreover, the portal gives you a fair idea of what’s currently happening in the e-governance space. The section on ‘Mobile Governance’ is especially relevant, given the fact that India has around 110 million mobile Internet users, out of which 25 million are in <keyword id="6355185" type="ORGANIZATION" weightage="100" keywordseo="rural-india">rural India</keyword>. In fact, 70% of rural India’s active Internet population access the Web via mobile phones while 42% of rural India’s users prefer using the Internet in local languages. 
 “As the rural landscape in India is set to take the advantage of the flourishing <keyword id="2073177" type="UNKNOWN" weightage="100" keywordseo="ICT-initiatives">ICT initiatives</keyword> pioneered by various institutions, more specifically the <keyword id="775561" type="ORGANIZATION" weightage="100" keywordseo="Common-Service-Centres">Common Service Centres</keyword> (CSCs), Vikaspedia offers the much required content and services in local languages that makes the difference in the lives of the people,” the site says. That essentially underlines that Vikaspedia can enter the big league as the information portal supports regional languages and focuses on e-governance services/mobile seva available across the country. The site also features a number of utility apps for free download including <keyword id="1559456" type="UNKNOWN" weightage="100" keywordseo="ask-an-expert">Ask An Expert</keyword>, <keyword id="2073179" type="UNKNOWN" weightage="100" keywordseo="SHELTOR">SHELTOR</keyword> (<keyword id="2073180" type="UNKNOWN" weightage="100" keywordseo="Student-HostEL-locator">Student HostEL locator</keyword>) and <keyword id="21785" type="PERSON" weightage="100" keywordseo="mother">MOTHER</keyword> (<keyword id="2073182" type="UNKNOWN" weightage="100" keywordseo="MObile-based-maTernal-HEalth-awaReness">MObile based maTernal HEalth awaReness</keyword>), an app for monitoring maternal health. 
 
 
 While launching the portal, <keyword id="409418" type="PERSON" weightage="80" keywordseo="J-Satyanarayana">J Satyanarayana</keyword>, Secretary of DeitY, noted that <keyword id="71187" type="COMPANY" weightage="60" keywordseo="Wikipedia">Wikipedia</keyword>, an <keyword id="2073183" type="UNKNOWN" weightage="100" keywordseo="Information-repository">information repository</keyword> built on online crowdsourcing of content, is so popular that it is being used for official and legal purposes. Although Vikaspedia is not in the same space, it will be a single-point reference for the above six fields, featuring content specific to the Indian context. 
 
Those still pining for an Indian Wiki will be pleasantly surprised when you find a few similar features even on Vikaspedia. For instance, you can <a href="http://vikaspedia.in/register">register</a> here as a <keyword id="2073188" type="UNKNOWN" weightage="100" keywordseo="Content-contributor">content contributor</keyword> that will allow you to add a new page of content, edit the existing content and create discussion topics. We are still not sure if the portal is open to <keyword id="2073184" type="UNKNOWN" weightage="100" keywordseo="Content-crowdsourcing">content crowdsourcing</keyword> and editing just like Wikipedia does, but this option looks quite suggestive. Registering as a member is a breeze but last we tried registering as a content contributor, an error message came up persistently. Does it mean the feature is not currently available to the masses? 
 That’s not exactly democratising data but we feel that at the initial stage, only authorised institutions/organisations can deliver and edit content, instead of individual contributors. But even then, an interactive repository of developmental data (after all, members can still participate in discussions and provide <keyword id="154361" type="PERSON" weightage="100" keywordseo="feedback">feedback</keyword>), along with easy access, could just be the first step towards more <keyword id="2073190" type="UNKNOWN" weightage="100" keywordseo="Transparent-governance">transparent governance</keyword> and <keyword id="1857924" type="UNKNOWN" weightage="100" keywordseo="People-Empowerment">people empowerment</keyword>. Vikaspedia can bridge the <keyword id="2073191" type="UNKNOWN" weightage="100" keywordseo="Knowledge-divide">knowledge divide</keyword> and therefore, the <keyword id="2073192" type="UNKNOWN" weightage="100" keywordseo="Opportunity-divide">opportunity divide</keyword>, which may gradually ensure the economic and social well-being of India’s 1.3 billion-strong population. 
 
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I was terrified that smartphones would harm my toddler, but the latest research suggests there are benefits

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Centralised portal to search unclaimed deposits, UPI for credit lines and other key RBI announcements

Anagh Pal

This Portal Is Not An Indian Wikipedia, But Claims It Is Democratising Data For People Empowerment

Sanghamitra Mandal

I was terrified that smartphones would harm my toddler, but the latest research suggests there are benefits

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