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<ul><li>People can pay credit card bills round the clock through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword>, and during weekends as well.</li><li>As of now, this option was available only with SBI credit card app, making it difficult for many users to pay credit card bills on the last day. </li><li>Hence, people had to pay late fee if they paid bills on Friday and the deadline is Saturday or Sunday. </li></ul>Those who use credit cards know that there is nothing like a last-minute payment. Most of the payments made on the second half of the last day, land users with late fees. A large section of tend to use credit and debit cards of the same bank and choose to physically transfer it via NEFT from savings account to credit card account. Since these transactions ‘cease’ after banking hours, they slip on to the next day and will be counted as ‘late payments’. A few credit card companies charge 20% of the amount owed, as late fees. Added to that, ‘late payments’ affect credit scores as well. Starting today, RBI’s move to allow NEFT round the clock will ensure that fewer customers fall into this trap. As National Electronic Fund extension is made available 24X7 from December 16, users can transfer money on all days of the year, including holidays. It is common for credit card payments made on Fridays being recognised only on Mondays, which lead to confusion and conflict. But extension of NEFT can solve some of these problems. Then and now Earlier, NEFT transactions were available between 8 am to 7 pm on weekdays and also for 5 hours between 8 am to 1 pm on first and third Saturdays. But <a href="https://www.businessinsider.in/india/news/neft-now-available-24x7-pay-credit-card-utility-bills-easily/articleshow/72733703.cms">RBI is extending this convenience for user</a>s who earlier had to wait or schedule payments for the next working day. But there might be a blindspot as NEFT transactions will take place in hourly batches. The first batch between of transactions will take place at 12.30 am and the last batch at 11.30pm . Hence, people might not be able to do any NEFT transaction between 11.30 pm and 12.30 am. RBI is also ensuring the existing discipline for crediting beneficiary's account or returning the transaction (within hours hours of settlement of the respective batch) to originating bank. “The banks will ensure sending positive confirmation message for all NEFT credits and all provisions of NEFT procedural guidelines will be applicable for 24x7 transactions as well,” RBI had said. i No charges on NEFT This 24/7 option is also good news for bank customers as NEFT is free of cost in most cases. The next best option IMPS however is charged at ₹5 plus GST on transactions between ₹10,000 and ₹1 lakh. Over and above that, around ₹15 with GST. Immediate Payment Service (IMPS) is also a digital payment system and allows immediate crediting of the transferred amount. NEFT however takes 3-4 hours to reflect. Banks do not charge for transactions within a bank, but if the user wants to transfer to an account in another bank, it is charged. RBI had <a href="https://www.businessinsider.in/online-fund-transfers-via-neft-and-rtgs-to-cost-less-as-charges-are-removed/articleshow/70020101.cms">advised banks not to levy charges on transactions through NEFT</a> and Real Time Gross Settlement (RTGS) system in order to promote digital transactions in the country. It set a precedent by not charging banks for settlements. Earlier, RBI used to levy minimum charges on banks for transactions routed through RTGS and NEFT. Banks, in turn, levy charges on their customers. RTGS is meant for large-value instantaneous fund transfers, while NEFT is used for fund transfers of up to ₹2 lakh. See also: <a href="https://www.businessinsider.in/india/news/neft-now-available-24x7-pay-credit-card-utility-bills-easily/articleshow/72733703.cms">NEFT is available 24X7, transfer money anytime now</a> <a href="https://www.businessinsider.in/online-fund-transfers-via-neft-and-rtgs-to-cost-less-as-charges-are-removed/articleshow/70020101.cms">Online fund transfers via NEFT and RTGS to cost less as charges are removed</a>

Paying credit card bills on the last due date will no longer cost you late payment charges — thanks to round-the-clock NEFT

<ul><li>The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has removed the charges levied to process any online transaction through <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> and <keyword id="6356014" type="ORGANIZATION" weightage="20" keywordseo="rtgs">RTGS</keyword> system. </li><li>The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. </li></ul>The Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) today paved the way for cheaper online fund transfers as it removed charges levied on NEFT and RTGS transactions. And, banks will be expected to make it cheaper for customers to perform these transactions too. “In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the Reserve Bank for transactions processed in the RTGS and NEFT systems. Banks will be required, in turn, to pass these benefits to their customers. Instructions to banks in this regard will be issued within a week,” RBI said on Thursday. The Reserve Bank levies minimum charges on banks for transactions routed through its RTGS and NEFT. Banks, in turn, levy charges on their customers. The decision to scrap the fees levied on RTGS transaction comes days after RBI extended the timings for doing RTGS transaction. Currently, the fee for transferring funds using RTGS varies according to the time. There is no fee between 8 am to 11 am. The fee for transfer of funds during 11 am to 1 pm is ₹2 whereas from 1 pm to 6 pm is ₹5. The fee for transaction after 6 pm is ₹10. Review ATM Charges The Central Bank has also decided to set up a committee to review the charges for using the ATM machine. The committee will be chaired by Chief Executive Officer, Indian Banks’ Association (IBA), who will examine the entire issue related to ATM charges and fees. “Usage of ATMs by the public has been growing significantly. There have, however, been persistent demands to change the ATM charges and fees,” the central bank said in a statement. Earlier today, The Reserve Bank of India decided to reduce the repo rate for the commercial banks by 25 basis points (bps) to 5.75% in its second monetary policy review of the current fiscal. The RBI changed its monetary policy stance from neutral to accommodative, ruling out the chances of a rate increase. See also: <a href="https://www.businessinsider.in/rbi-cuts-repo-rate-by-25-bps-as-largely-expected/articleshow/69671872.cms">RBI surprises markets with a change in stance — aims to revive India's 'animal spirits'</a> <a href="https://www.businessinsider.in/rbi-to-extend-rtgs-deadline-to-6-p-m-from-june-1/articleshow/69553735.cms">RBI to extend RTGS deadline to 6 p.m. from June 1</a>

RBI moves to make online bank transfer cheaper, to review ATM charges

The <keyword id="6406875" type="COMPANY" weightage="20" keywordseo="life-insurance">Life Insurance</keyword> Corporation (<keyword id="6367143" type="ORGANIZATION" weightage="100" keywordseo="LIC">LIC</keyword>) has pulled off a record claim performance by settling 99.92 per cent of death claims in 2016-17 as against industry average of 95 per cent, according to a PTI news reporter. The <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> behemoth is keen to push the boundary further, looking to settle 99 per cent claims on a monthly basis too in future. "LIC has settled 99.92 per cent of death claims in 2016- 17, which is undoubtedly one of the best performances not only in the country, but in the world," an LIC source told PTI here. According to industry body <keyword id="75047" type="ORGANIZATION" weightage="20" keywordseo="Life-Insurance-Council">Life Insurance Council</keyword>, there are a total of 24 players, including LIC, active in the life insurance space and the industry average of death claim settlement stands at around 95 per cent. "One of the fundamental reasons for the strong brand of LIC is our service delivery and... our claim settlement operations in particular," the source said, adding that "we would expect that not only we continue to focus on this area, but further strengthen it by settling 99 per cent claims on month on month basis". Till date, LIC has had nearly 11 lakh such cases outstanding and expects that each and every case needs to be followed up to its logical end. According to the source, the customer relationship management (CRM) department of LIC has been asked to ensure claim particular sheis prepared for every outstanding case and regular monitoring is done. LIC, the source said, is making further efforts in the CRM space, where the corporation would like to see visible and perceptible changes in the quality of response to customers, turnaround time in attending to customer complaints or queries, courteous attitude and business etiquette of officials dealing with customers. According to the source, prompt handling of queries by the SMS-based helpline has brought down the number of complaints drastically and it would revive the helpdesk in each branch so that customer is attended to promptly. "Further, to provide instant service, we need to ensure our customers are empowered to use e-services. Their mobile numbers, e-mails and <keyword id="285745" type="ORGANIZATION" weightage="20" keywordseo="NEFT">NEFT</keyword> details are registered as early as possible to provide instant services," the source added. As for information technology, LIC's immediate focus is to ensure comprehensive cyber security for data, software as well as hardware. This is all the more relevant in the wake of the Wannacry malware attack that hit computers across globe. The corporation may go for a net addition of 69,000 agents, potentially taking its agency strength to 11,31,181 at the end of March 2017.

LIC sets record on claims front, settles 99.92 per cent cases

<ul class="summary-list"><li>Several countries have cut <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> ties with <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, while others are snapping up cheap supplies. </li><li>The US, UK, and some EU countries have all taken action. </li></ul>A divided approach toward the <keyword id="13610598" type="UNKNOWN" weightage="60" keywordseo="russian-energy" source="Orion">Russian energy</keyword> trade has become more apparent in recent weeks.While some nations have deliberated or announced bans on Russian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> and <keyword id="11955852" type="UNKNOWN" weightage="60" keywordseo="gas" source="Orion">gas</keyword> imports, others are doubling down.When Russia launched an unprecedented attack on <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> earlier this year, Western nations joined forces to impose sanctions on the country in an effort to punish Russia for its actions.Punitive measures range from blocking certain Russian banks from accessing the <a href="https://www.businessinsider.com/russia-swift-ban-not-most-effective-sanction-experts-2022-3?r=US&amp;IR=T">SWIFT global banking system</a> to the EU and other European countries <a href="https://www.businessinsider.com/map-shows-countries-that-closed-airspace-russia-over-ukraine-war-2022-3">barring Russian flights from their airspace</a>. As the war continues, countries are now slapping sanctions on Russia's energy sector, which has the <a href="https://www.businessinsider.com/europe-buying-russian-gas-ukraine-invasion-putin-sanctions-2022-2?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">world's largest natural gas reserves</a> and is the <a href="https://markets.businessinsider.com/news/commodities/too-big-to-sanction-10-facts-russia-oil-commodity-exports-2022-3" target="_blank" rel="noopener noreferrer">third-biggest oil producer</a>, accounting for about 12% of global oil production. Here's how some countries are grappling with Russian energy issues.<h1>Italy</h1>Italy is tempering its reliance on Russian gas by turning to countries like Egypt and Algeria for their energy supplies. Eni, the Italian oil and gas giant, recently signed a framework agreement with state-owned Egyptian Natural Gas Holding Company (EGAS), which it said would help maximize gas production and exports of liquefied natural gas.Per <a href="https://www.reuters.com/business/energy/italy-needs-least-3-years-fully-replace-russian-gas-imports-minister-2022-03-16/">Reuters</a>, Italy sources around 40% of its gas imports from Russia. It has also agreed to <a href="https://www.bloomberg.com/news/articles/2022-04-11/italy-to-buy-more-algerian-gas-in-attempt-to-cut-russia-reliance?sref=lAVQtUwz">ramp up its gas imports from Algeria</a> by around 40% amid the war. <h1>Baltic states </h1>This month, the Baltic states comprising Lithuania, Latvia, and Estonia cut Russian gas imports. "Since April 1st, Russian natural gas is no longer flowing to Latvia, Estonia and Lithuania," Uldis Bariss, CEO of Conexus Baltic Grid, Latvia's natural gas storage operator, <a href="https://www.aljazeera.com/news/2022/4/3/baltic-states-stop-russian-gas-imports-over-ukraine-invasion">per Al Jazeera</a>. Lithuania became the first European country to abandon Russian energy supplies in the wake of the Ukraine war. "If we can do it, the rest of Europe can do it too!" the country's president, Gitanas Nauseda <a href="https://twitter.com/GitanasNauseda/status/1510277034357968898">said on Twitter</a>.<h1>US</h1>Outside of Europe, the <a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">US banned Russian oil and gas imports too</a>. President Joe Biden announced the "powerful blow" against Russian President Vladimir Putin last month."This is a step that we're taking to inflict further pain on Putin, but there will be costs as well here in the United States," Biden said. "I'm going to do everything I can to minimize Putin's price hike here at home."American consumers are feeling the effects of surging gas prices as a result of pandemic-era inflation, coupled with the new sanctions imposed on Russian energy supplies. In March, <a href="https://www.businessinsider.com/gas-prices-highest-since-great-recession-ukraine-crisis-commodity-market-2022-3">the average US gas price-per-gallon jumped above $4 for the first time since 2008</a>.<h1>UK</h1>The UK government recently announced measures against Russian energy supplies, pledging to end all imports of Russian <keyword id="11911392" type="UNKNOWN" weightage="60" keywordseo="coal" source="Orion">coal</keyword> and oil by the end of 2022. "By the end of 2022, the UK will end all dependency on Russian coal and oil, and end imports of gas as soon as possible thereafter," <a href="https://www.gov.uk/government/news/uk-imposes-sweeping-new-sanctions-to-starve-putins-war-machine">the government said</a>. It added that the UK would also ban the export of key oil refining equipment and catalysts, "degrading Russia's ability to produce and export oil." Further sanctions include measures against Aleksander Dyukov, the CEO of Russia's third-largest and majority state-owned oil producer Gazprom Neft. <h1>Germany </h1>The country faces escalating pressures to pull away from Russian energy, though it has been heavily reliant on it, particularly the natural gas that's through the Nord Stream pipeline network.However, cutting Russian ties may prove a lengthy process.Cutting Russian gas from the German economy would significantly impact its manufacturing industry and could lead to rationing schemes, <a href="https://www.businessinsider.com/germany-reliance-russian-energy-ukraine-war-natural-gas-oil-trade-2022-4">Insider's Ben Winck reported</a>. <a href="https://www.bloomberg.com/news/articles/2022-03-23/scholz-says-german-reliance-on-russian-energy-will-end-quickly">Per Bloomberg</a>, German chancellor Olaf Scholz said: "We are actively working to get independent from the necessity of importing gas from Russia. This is, as you may imagine, not that easy because it needs infrastructure that has to be built first."<h1>India and China </h1>Amid a wave of countries cutting Russian energy supplies, India and China stand have taken a different approach.As sweeping sanctions hit Russia's oil exports, prices shot down so much that some buyers from India and China were attracted to snapping up cheap Russian energy, <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-west-sanctions-china-india-2022-3">Insider's Huileng Tan reported</a>. <a href="https://www.reuters.com/world/indian-pm-modi-suggests-direct-talks-between-putin-zelenskiy-2022-04-11/">Reuters</a> reported that since Russia's invasion of Ukraine, India had bought at least 13 million barrels of Russian oil. It's not stopping at cheap oil, however. Russian coal remains on India's radar.Ramchandra Prasad Singh, an Indian politician and member of parliament, said at a conference in New Delhi that India is "moving in the direction of importing coking coal from Russia," <a href="https://www.reuters.com/world/india/india-leans-toward-continued-import-russian-coking-coal-minister-2022-03-27/">per Reuters</a>. He added that India had imported 4.5 million tonnes of Russian coal but he did not indicate over what time period. As for China, the country is snapping up Russian oil and coal with its <a href="https://markets.businessinsider.com/news/commodities/dollar-vs-yuan-china-buys-russian-oil-coal-ukraine-sanctions-2022-4">own currency.</a> Smaller independent refiners in China are also still buying Russian oil discreetly, <a href="https://www.reuters.com/business/energy/exclusive-china-state-refiners-shun-new-russian-oil-trades-teapots-fly-under-2022-04-06/">Reuters</a> recently reported.

Many nations are refusing to buy gas and oil from Russia but others continue to snap it up. Here's what we know so far.

<ul><li>Kotak Mahindra Bank, Axis Bank and State Bank of India are asking its customers to use digital transactions instead of cash. </li><li>This comes after the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-urges-customers-to-use-digital-banking-facilities-amid-coronavirus-outbreak/articleshow/74653847.cms?from=mdr">Reserve Bank of India government urged customers</a> to limit the use of cash and switch to <keyword id="385266" type="COMPANY" weightage="20" keywordseo="Online-banking">online banking</keyword> facilities as much as possible. </li><li>All the non-cash digital payment options including NEFT, IMPS, UPI and BBPS are available to people round the clock. </li></ul>Kotak Mahindra Bank, Axis Bank and State Bank of India are asking its customers to use online banking instead of cash. The Kotak Mahindra Bank today sent out a msg to all its customers saying “due to COVID-19 and as a measure of abundant caution, our offices will operate with reduced staff. We encourage you to use Mobile/Net Banking for 24X7 access to your accounts.” Axis Bank too sent out an email to all its bank customers requesting them to limit their visit to their branches and switch to digital banking. “Axis Bank has digital channels like Internet Banking, Mobile Apps, Chatbot, etc, which enable our customers to reach the Bank anytime and from anywhere.” <a href="https://bfsi.economictimes.indiatimes.com/news/banking/corona-impact-use-axis-banks-best-in-class-digital-solutions-says-amitabh-chaudhry/74705958">the bank wrote. </a> Whereas, government run- State Bank of India<a href="https://www.financialexpress.com/money/coronavirus-home-banking-alert-sbi-transactions-you-can-do-without-visiting-bank-branch/1899268/"> listed out all the digital channels available </a>to customers for performing any digital transaction. Moreover, Parliament House complex is preparing to go cashless from March 31. Prepaid cards will have to be used to buy meals in the canteens, for which the State Bank of India is making special arrangements. This comes after the <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-urges-customers-to-use-digital-banking-facilities-amid-coronavirus-outbreak/articleshow/74653847.cms?from=mdr">Reserve Bank of India government urged customers</a> to limit the use of cash and switch to online banking facilities as much as possible. It ensured that all the non-cash digital payment options including NEFT, IMPS, UPI and BBPS are available to people round the clock. <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> has also asked its employees to work from home until March 31. Only select employees will report to the central office in Mumbai. See also: <a href="https://www.businessinsider.in/finance/news/rupee-records-a-new-low-trading-at-75-against-dollar-for-the-first-time/articleshow/74707789.cms">Rupee records a new low, trading at ₹75 against dollar for the first time</a>

Indian banks urge customers to avoid cash and go online

<ul><li>RBI announced revised trading hours for money markets starting from April 7. </li><li>This change however is only temporary and will be back to normal after April 17. </li><li>All regular banking services for customers, including RTGS, NEFT, e-kuber and other retail payments systems will continue to be available as per extant timings. </li><li>All market operations will continue from 10 am to 2 pm.</li></ul>The <keyword id="6354335" type="COMPANY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> announced revised trading hours for the money market starting from April 7, to reduce stress on its staff. All markets operations including term money, market repo and tri-party repo in government securities, commercial paper and certificates of deposit, repo in corporate bonds, government securities, foreign currency and Indian rupee trades including forex derivatives and rupee interest rate derivatives other than those traded on recognised stock exchanges will only operate from 10 am to 2 pm. Their earlier trading for different money markets opened at 9 am and closed at 6 pm. However, the recent change is only temporary. RBI said the change in time would continue up to April 17 before returning to normal schedule. “COVID-19 outbreak has necessitated lockdowns, social distancing, restrictions on the movement of people and non-essential activities, work from home arrangements and business continuity plans. The resultant dislocations have adversely impacted the functioning of financial markets. The thinning out of activity is impacting market liquidity and increasing volatility of financial prices,” Indian central bank said in a statement. “In order to minimise these risks and to ensure that market participants maintain adequate checks and supervisory controls while optimising thin resources and ensuring the safety of personnel,” RBI said. However, all regular banking services for customers, including RTGS, NEFT, e-kuber and other retail payments systems will continue to be available as per extant timings. SEE ALSO: <a href="https://www.businessinsider.in/india/news/world-bank-approves-1-billion-funding-for-india-200-million-for-pakistan-to-fight-coronavirus/articleshow/74957213.cms">World Bank approves $1 billion funding for India, $200 million for Pakistan to fight coronavirus</a> <a href="https://www.businessinsider.in/india/news/narendra-modi-speech-and-highlights-on-april-3/articleshow/74959547.cms">Indian Prime Narendra Modi urges people to light candles, torches, and mobile flashlights on April 5 at 9 pm⁠— as a symbol of a unified fight against novel coronavirus</a> <a href="https://www.businessinsider.in/topic/coronavirus">Coronavirus News and Updates</a>

RBI cuts money market trading hours by half to reduce stress on its staff

<ul><li>In order to get rid of germ-ridden cash, the National Payments Corporation of India (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) is asking people to switch to <keyword id="6358577" type="UNKNOWN" weightage="20" keywordseo="digital-payments">digital payments</keyword>. </li><li>For the campaign, India Pay Safe, NPCI CEO Dilip Asbe shared a video and was soon joined by several other payment leaders.</li><li>Earlier the Reserve Bank of India too had asked people to switch to digital payments.</li></ul>The National Payments Corporation of India (NPCI) started a campaign to boost digital payments, so that people will stop exchanging cash which could spread <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword>. Called ‘India pay safe’, the campaign asked people to switch to digital payments. NPCI CEO Dilip Asbe shared a video for the campaign <div type="twitter" handle="dilipasbe" handlename="Dilip Asbe" image="http://pbs.twimg.com/profile_images/1185223289901174786/QwO2CR0x_normal.jpg" favoritecount="518" retweetcount="73" status="A safe way to pay. A safer way to stay healthy. Use digital payment options and avoid social contact #IndiaPaySafe… https://t.co/FdkQlEuqYV" createdat="1584549409000" id="1240316238422654976"></div>

 And, he was soon joined by several other digital payments leaders from Pine Labs, Amazon Payments and PhonePe. <div type="twitter" handle="amrishrau" handlename="Amrish Rau" image="http://pbs.twimg.com/profile_images/863770631564705792/-bNwXzUb_normal.jpg" favoritecount="114" retweetcount="18" status="Payment karo Digital karo @PMOIndia @narendramodi @UPI_NPCI #covid19 #UPIChalega #indiapaysafe @PineLabs https://t.co/AdM0EOBclb" createdat="1584542913000" id="1240288992035131392"></div>

 <div type="twitter" handle="_sameernigam" handlename="Sameer.Nigam" image="http://pbs.twimg.com/profile_images/1226752315194896386/-vXoiacz_normal.jpg" favoritecount="266" retweetcount="62" status="A safe way to pay. A safer way to stay healthy. Use digital payment options and avoid social contact #IndianPaySafe… https://t.co/APSL3c07ys" createdat="1584544136000" id="1240294121375293441"></div>

 <div type="twitter" handle="maneshm" handlename="Manesh Mahatme | मनेश महात्मे" image="http://pbs.twimg.com/profile_images/1135210137176592384/S1NUeI___normal.jpg" favoritecount="19" retweetcount="9" status="Social Distancing is key to prevent the spread of this virus. Stay safe when paying for your daily needs. Let’s win… https://t.co/ONiSAZosRV" createdat="1584585434000" id="1240467336970170368"></div>

 As more and more people are staying home because of coronavirus, online transactions have seen a boost. Instead of venturing out, people are ordering food, groceries, everything online, and switching to digital payment methods. India’s central bank the Reserve Bank of India too issued an alert asking people to use digital payments as much as possible. "In the context of COVID 19, RBI and the government together are giving emphasis on encouraging digital payments. And over a period of time, various measures have already been taken to establish a safe, secure, stable and affordable retail payment system such as the National Electronic Fund Transfer (NEFT) and the Immediate Payment Service (IMPS),” said RBI governor <a href="https://economictimes.indiatimes.com/wealth/personal-finance-news/rbi-urges-customers-to-use-digital-banking-facilities-amid-coronavirus-outbreak/articleshow/74653847.cms">Shaktikanta </a>Das at a press briefing on March 16. In America too, where the number of coronavirus cases have shot up, people are switching to <a href="https://www.cnbc.com/2020/03/18/germ-ridden-cash-may-boost-use-of-contactless-payments.html">contactless payments</a>. Meanwhile, <a href="https://www.businessinsider.com/south-korea-burning-cash-amid-coronavirus-outbreak-2020-3?IR=T">reports say</a> that in South Korea, its central bank – the Bank of Korea – was burning and disinfecting cash to stop the spread of the deadly virus. “Not only will things change at individual level but even company level. Many companies have been undergoing a digital transformation, or promoting new technologies such as self-checkout (eg- lifestyle stores), will see more rapid adoption of digital payments to reduce the risks of transmitting the virus through human interactions,” said Mandar Agashe, MD and founder of Sarvatra Technologies. See Also: <a href="https://www.businessinsider.in/topic/coronavirus">coronavirus: Latest News, Articles on coronavirus | Business Insider India</a>

NPCI starts a campaign for digital payments called ‘India pay safe’, asking people to ditch cash during coronavirus

If you have a younger sibling, chances are that you’ve turned down their request for some money by saying you aren’t carrying your wallet or are simply not carrying enough cash. Well, here is some bad news—you might not be able to give this excuse in the near future. <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="261" meta.entityid="RBI">RBI</keyword> has recently introduced <keyword id="22728221" type="General" weightage="20" keywordseo="delegate-payments" source="keywords">delegate payments</keyword>. And this means that your <keyword id="22728220" type="General" weightage="20" keywordseo="UPI-account" source="keywords">UPI account</keyword> can now be used by others to make payments. <h2><keyword id="19900911" type="General" weightage="100" keywordseo="upi" source="keywords">UPI</keyword> payments from a single account</h2> As mentioned already,<a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" data-type="tilCustomLink" target="_blank"> a single UPI account </a>can now be used by other users to make payments from the same account. RBI introduced the feature, called delegated payments, during the August monetary policy review. The feature allows a primary user to authorise another individual, such as a family member or employee, to make transactions from their bank account. The primary user sets limits on these transactions, giving them control while enabling others to manage finances within predefined boundaries. RBI Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> highlighted the potential of this feature to expand <keyword id="19994585" type="General" weightage="20" keywordseo="digital-payment" source="keywords">digital payment</keyword> usage across diverse segments of society. "Delegated Payments will enhance financial inclusivity, especially in rural areas where banking access is limited," Das said as per a TOI report. Mohit Bedi, Co-Founder and CBO of Kiwi, a third-party payments application, told ET that this feature could transform how UPI is used by families. "The RBI is essentially making parents the approving authority for transactions, which means UPI can now be used by minors with parental oversight," Bedi said. <h2>Only permissible through <keyword id="20708705" type="General" weightage="20" keywordseo="savings-accounts" source="keywords">savings accounts</keyword></h2> But can all types of accounts make payments using this new feature? Not really. It is important to note that these delegated transactions will only be permissible through savings accounts, excluding credit lines or credit cards, as industry experts confirm. This focus on savings accounts underscores a commitment to secure and manageable transactions. In addition to delegated payments, the RBI also raised the limit for tax payments via UPI. Previously capped at Rs. 1 lakh per transaction, the new limit is of Rs 5 lakh. With this increase, taxpayers can avoid the cumbersome NEFT process, which requires manual entry of account details, and benefit from the speed and convenience of UPI. On a related note, UPI transactions are immensely popular in India and people have started preferring them over cash payments. Right from a vegetable vendor to a small business owner, almost everyone has started accepting payments via UPI. In April this year, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> revealed that the<a href="https://www.businessinsider.in/finance/news/upi-transactions-cross-rs-20-trillion-for-third-successive-month-in-july-2024/articleshow/112226370.cms" data-type="tilCustomLink" target="_blank"> Unified Payments Interface (UPI) has seen an unprecedented volume</a> of transactions in the fiscal year 2024. The platform recorded around 131 billion transactions, with a total value of Rs 200 trillion.

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