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UPI Delegated Payments: Your UPI account will be used by your family members with your consent, this RBI policy related to UPI will prove to be especially useful for family members such as spouse, children or elderly parents. This facility is known as delegated payments.
In fact, after the monetary policy meeting on Thursday, RBI Governor Shaktikanta Das gave information about this new feature. Through this new feature, the primary customer (i.e. the one in whose name the account is) can authorize someone else to use his UPI account. In this, the bank account will be single, but many people will be able to do UPI transactions from it. The other user will not need a bank account linked to UPI, which will make the transaction even easier.
Preparation for big changes in UPI
RBI says that this will simplify the process of digital payment. This change will be especially beneficial for those who want to transact on behalf of other family members. The Reserve Bank of India (RBI) has suggested delegated payment, after which any other person will be able to spend money and make payments from your UPI account. However, it has not been implemented yet. But RBI said that work is going on on this.
Let us tell you, till now people make UPI payments on a personal level, only one UPI ID is generated from a bank account and only one user can use it. But now there is talk of running multiple UPI payment systems simultaneously from one bank account. To understand by example, many people use credit cards right now, similarly preparations are underway to create a UPI payment system.
What is UPI Delegates Payments?
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 payments. This change in the Unified Payments Interface (UPI) is said to make it more popular. The Reserve Bank of India (RBI) has recently announced this new feature of the 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 a lot from cities to villages. Its biggest feature is that people get information about their transactions and balance in real time.
These big decisions in RBI meeting
Along with this, RBI has also increased the limit of tax payment through UPI. Earlier this limit was Rs 1 lakh, which has now been increased to Rs 5 lakh. This change will make it easier to pay large amounts of tax through UPI. RBI's Monetary Policy Committee has decided to keep the repo rate unchanged at 6.5 percent for the 9th consecutive time on August 8.
