New card for transactions up to Rs 10,000

Mumbai: The Reserve Bank proposed to introduce a prepaid payment instrument (PPI) that could be used only for transactions of goods and services worth up to Rs 10,000.

PPIs have been playing an important role in promoting digital payments and bringing in the new PPI will further facilitate its usage, as per an RBI statement.

Meanwhile, governor Shaktikanta Das said it is "too early" to talk about a central bank-issued digital currency due to technological handicaps. He, however, made it clear that the RBI is completely against private digital currency, asserting the sovereign's right over this function.

The RBI proposed bringing all urban cooperative banks with an asset base of Rs 500 crore and more under the ambit of the CRILC, a development that will help in curbing PMC Bank type of frauds.

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Free Press Journal