RBI proposes to increase cap on e-RUPI vouchers to ₹1 lakh

The Reserve Bank of India (RBI) has enhanced cap under e-RUPI prepaid vouchers. Governor Shaktikanta Das said on Thursday that the present cap of INR 10,000 will be increased to Rs 1 lakh per voucher and used more than once.

The e-RUPI digital prepaid voucher developed by NPCI was launched in August 2021. Earlier, the single-use cashless payment voucher has a cap of â‚¹10,000.

This will further facilitate the delivery of various government schemes to beneficiaries in a more efficient manner, Das said.

Furthermore, to enable better infrastructure for TReD settlement, the Governor proposed to increase the authorization limit of NACH to ₹3 crore from the ₹1 crore currently for trade related settlements.

The central bank also extended the on-tap liquidity window for healthcare till 30 June and raised the voluntary retention route cap by â‚¹1 lakh crore to ₹2.5 crore.

On-tap liquidity facilities of Rs 50,000 crore and Rs 15,000 crore were announced for emergency health services and contact-intensive sectors, respectively, in May and June 2021.

The Governor of the Reserve Bank of India (RBI) has forecast India's economic growth for FY2023 (FY23) to be 7.8%.

The growth rate for the current financial year is retained at 9.2%.

The governor said that there is some loss of economic momentum due to the third wave of the pandemic and that demand from the telecommunications-intensive sector has decreased.

In addition, the central bank left the benchmark interest rate or repo rate - the rate at which banks borrow from the central bank - unchanged at 4% for the tenth time in a row and decided to continue with accommodative stance.

The Reserve Bank of India adopted a very loose monetary policy in the wake of the coronavirus pandemic and, in order to support the economy with sufficient liquidity, cut its key interest rate for the last time to the lowest level of 4% and it has been held at that level since May 2020.

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