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New RBI proposals

The RBI has decided to add a feature in the UPI platform to aid payments where delivery of goods and services happens later, like e-commerce purchases, hotel bookings or investments in securities.

RBI, UPI platform, food delivery, HTM, Gold hedging, BBPS scope expansion, Indian Express, India news, current affairsResident entities in India are currently not permitted to hedge their exposure to gold price risk in overseas markets. The RBI has decided to permit resident entities to hedge their gold price risk on recognised exchanges in the International Financial Services Centre (IFSC).
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UPI enhancement:

The RBI has decided to add a feature in the UPI platform to aid payments where delivery of goods and services happens later, like e-commerce purchases, hotel bookings or investments in securities. Through the ‘single-block-and-multiple debits’ feature on the Unified Payment Interface (UPI) platform, customers will have more trust while carrying out such transactions. This will enable a customer to create a payment mandate against a merchant by blocking funds in his/her bank account for specific purposes which can be debited, whenever needed.

HTM dispensation:

With a view to enable banks to better manage their investment portfolios, the RBI has decided to extend the dispensation of enhanced HTM (held to maturity) limit of 23 per cent up to March 31, 2024 and allow banks to include securities acquired between September 1, 2020 and March 31, 2024 in the enhanced HTM limit. The HTM limits would be restored from 23 per cent to 19.5 per cent in a phased manner starting from the quarter ending June 30, 2024.

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Gold hedging:

Resident entities in India are currently not permitted to hedge their exposure to gold price risk in overseas markets. The RBI has decided to permit resident entities to hedge their gold price risk on recognised exchanges in the International Financial Services Centre (IFSC).

BBPS scope expansion:

The RBI has decided to expand the scope of Bharat Bill Payment System (BBPS) to include all categories of payments and collections, both recurring and non-recurring in nature. This will make the platform accessible to a wider set of individuals and businesses. BBPS currently does not enable non-recurring payments of individuals even if they are recurring in nature like professional service fee payments, education fees, tax payments and rent collections.

First published on: 08-12-2022 at 04:46 IST
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