The Reserve Bank of India (RBI) on June 7 announced the introduction of auto-replenishment of UPI Lite wallet, under its emandate framework. This was announced by RBI Governor Shaktikanta Das during the central bank's monetary policy press meet.
This means that customers will no longer have to manually refill their UPI Lite wallets, but it will refill automatically, once a threshold amount set by the customer is reached.
“The UPI Lite facility currently allows a customer to load his UPI Lite wallet upto ₹2,000 and make payments upto ₹500 from the wallet. In order to enable the customers to use the UPI Lite seamlessly, and based on the feedback received from various stakeholders, it is proposed to bring UPI Lite within the ambit of the e-mandate framework by introducing an auto-replenishment facility for loading the UPI Lite wallet by the customer, if the balance goes below a threshold amount set by him/her,” Governor Das said.
Further, since the funds remain with the customer (funds move from his/her account to wallet), the requirement of additional authentication or pre-debit notification is proposed to be dispensed with.," he added
Das said that guidelines with respect of the above proposal will be issued soon.
The RBI’s MPC decided to keep the repo rate unchanged at 6.5 percent by a 4:2 majority, in its latest monetary policy announced by Governor Shaktikanta Das on June 7.
The central bank also maintained its stance at ‘withdrawal of accomodation’, at the second bi-monthly monetary policy of the financial year 2024-25. Further, the standing deposit facility (SDF) is maintained at 6.25 percent and the marginal standing facility (MSF) at 6.75 percent, he added.
The RBI has also raised its GDP growth forecast for FY25 to 7.2 percent from 7 percent earlier. This comes after, in the fiscal year 2023-24 (FY24), the GDP growth expanded to 8.2 percent, exceeding analysts' expectations.
The central bank maintained its 4.5 percent inflation projection for 2024–2025 with Q1 at 4.9 percent, Q2 at 3.8 percent, Q3 at 4.6 percent and Q4 at 4.5 percent. Das said the risks are evenly balanced.
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The RBI MPC began its three-day meeting on June 5 and the announcement was due today. This is the eighth consecutive time that the RBI has kept interest rates unchanged. It is the first MPC after the Lok Sabha election results 2024.
The RBI Governor headed six-member MPC was expected to keep the benchmark repo rate unchanged at 6.5 percent and continue with its stance of ‘withdrawal of accommodation’.
