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RBI has proposed to launch “conversational payments” on UPI so that users can engage in conversation with an AI-powered system to initiate and complete transactions. The facility will initially be available in Hindi and English.
It plans to facilitate offline transactions using Near Field Communication technology. This will enable payments in situations with weak connectivity.
RBI has increased per transaction limit to `500 from `200 for small value digital payments in offline mode including for National Common Mobility Card and UPI Lite. The overall limit is, however, retained at `2000 to contain the risks associated with relaxation of two-factor authentication.
The central bank has proposed to put in place a comprehensive, risk-based framework covering administration of all benchmarks related to foreign exchange, interest rates, money markets and government securities such as benchmarks on certificate of deposits rates, repo rates, and FX Options Volatility Matrix as well as other benchmarks on government securities.
RBI has decided to review the regulatory framework for NBFC–Infrastructure Debt Funds (IDFs) in consultation with the government. The revised framework envisages withdrawal of the requirement of a sponsor for the IDFs, permission to finance ‘Toll Operate Transfer’ projects as direct lenders, access to ECBs and making tripartite agreement optional for public-private partnership projects.
