RBI’s Innovative Updates for Users in 2024?

The RBI announced an innovative update to the UPI Lite platform, proposing to integrate it with the e-mandate framework.

UPI Lite, allows users to perform transactions up to Rs 500 without needing a PIN, thereby ensuring faster processing.

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This service is available on various payment platforms, including Paytm, BHIM App, GooglePay, and others.

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In response to a increase in domestic payment fraud, the Reserve Bank of India has proposed the establishment of a Digital Payments Intelligence Platform.

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