RaRBI aims to make UPI transactions possible through feature phones with the aim of making digital payments available to all.
There are also plans to add new features through UPI. It will also include a new wallet system for small transactions.
With this, UPI transactions will become more widespread. In November, 401 crore transactions were transacted through UPI. The total value of transactions was Rs 6.68 lakh crore.
The RBI committee will be tasked to study the rates charged for digital payments. There will be a consolidation of rates for digital transactions through credit card, debit card, wallet and UPI.
UPI will increase the payment limit for investing in government securities through the retail direct platform from Rs 2 lakh to Rs 5 lakh. Raising the limit will also be beneficial for applying for an initial public offering (IPO).
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