Your UPI account will be able to be used by your family members with your consent, this policy of RBI regarding UPI will prove especially useful for family members like husband-wife, children or elderly parents. This facility is known as Delegates Payments.
Actually, after the monetary policy meeting on Thursday, RBI Governor Shaktikanta Das gave information about this new feature. Through this new feature, the primary customer (ie in whose name the account is) can authorize someone else to use his UPI account. In this, the bank account will be single only, but many people will be able to do UPI transactions from it. Secondly, the user will not need a bank account linked to UPI, making transactions even easier.
Preparation for major changes in UPI
RBI says that this will make the process of digital payment simpler. This change will be especially beneficial for those who want to transact on behalf of other family members. Reserve Bank of India (RBI) has suggested regarding Delegated Payments, after which anyone else will be able to spend money and make payment from your UPI account. Although it has not been implemented yet. But RBI said that work on this is going on.
Let us tell you, till now people make UPI payment privately, only one UPI ID is created with one bank account, and it can be used only by a single user. But now there is talk of running multiple UPI payment systems simultaneously from one bank account. If we understand from an example, many people use a credit card, in the same way, preparations are going on to create UPI payment system.
What is UPI Delegates Payments?
If you understand in simple words, you will have master access to your UPI account and you will be able to give access to the account to anyone else for payment. This change in Unified Payments Interface (UPI) is said to make it more popular. The Reserve Bank of India (RBI) has recently announced this new feature of Unified Payments Interface or UPI.
Let us tell you, at present UPI payment is being used in many countries of the world apart from India. If we talk about the country, UPI is being used extensively from city to village. Its biggest feature is that people get information about their transactions and balance in real time.
These big decisions were taken in the RBI meeting
Along with this, RBI has also increased the limit for tax payment through UPI. Earlier this limit was Rs 1 lakh, which has now been increased to Rs 5 lakh. With this change, it will be easier to make tax payments of large amounts through UPI. The Monetary Policy Committee of RBI has decided to keep the repo rate unchanged at 6.5 percent for the 9th consecutive time on August 8.