RBI Governor raised UPI transaction limits and simplified e-mandates for recurring online payments, exempting debit transactions below Rs 1 lakh from OTP authentication, and enhancing user convenience for payments to hospitals and educational institutions via UPI apps. The RBI warns against unauthorized loan waiver campaigns circulating in the media, cautioning the public against misleading promises and unauthorized fees for ‘debt waiver certificates’. Additionally, the RBI notes efforts hindering banks’ rights to collateral, potentially complicating loan recovery processes. The RBI plans to establish a fintech repository by April 2024, urging voluntary contributions from fintech companies to include comprehensive information about their activities and technologies.
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