RBI New Rules 2024 : A new rule for UPI is announced by RBI. With the help of this new feature of UPI, you can do UPI transactions even if you don't have money in your account. This new feature of UPI is called, Delegated Payment.
RBI's MMPC meeting was held on 06/08/2024 and this meeting concluded today i.e. 08/08/2024, yes during the meeting many monetary rules were changed. We will talk about one of the rules here. The use of UPI will increase with the help of this new feature of UPI called Delegated Payment
UPI New Rule | RBI New Rules 2024
After a three-day meeting of the RBI, some rules have been announced today, one of which is for UPI transactions. According to this rule, even if you don't have money in your account, you can transact money through UPI.
UPI's Delegated Payment feature allows you to authorize your UPI transaction to another person i.e. if the other person does not have money in their account then you can authorize that person to transact money through UPI from your account.
Thus through this facility a person can authorize another person to make payment through his UPI.
Initially there will be a transaction limit for delegated payments, with this new feature there will be no need for another person to link their bank account to their UPI.
What will be the benefit of this new rule?
Now India's UPI is making waves all over the world. The present RBI Governor says that this feature will increase the number of users of UPI.
Apart from this, the new rule is likely to benefit parents as they will allow their children to use this feature to transact money through UPI only up to a certain limit so that spending can be controlled.
Hope you liked this new RBI rule and this information provided by us.
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