RBI policy: MPC proposes framework for leveraging geo-tagging tech on payment infra

The Reserve Bank of India (RBI) proposes to introduce a framework for leveraging geo-tagging technology on all new and existing payment infrastructure, said RBI Governor, Shaktikanta Das while announcing the monetary policy outcome on Friday.

“Ensuring wider availability of payments acceptance (PA) infrastructure throughout the country has been one of the priority areas for financial inclusion,” Das said in his statement.

“To target areas with deficient PA infrastructure, it is proposed to introduce a framework for leveraging geo-tagging technology for capturing exact location information on all existing and new PA infrastructure viz., Point of Sale (PoS) terminals, Quick Response (QR) Codes, etc. This would complement the Payment Infrastructure Development Fund (PIDF) framework of the Reserve Bank in ensuring wider geographical deployment of PA infrastructure,” Das added.

The central bank also proposes to increase the per-transaction IMPS limit to Rs 5 lakh from Rs 2 lakh currently, Das added.

RBI Monetary Policy: FY22 GDP growth projection retained at 9.5%; Q2, Q3 forecasts raised

The RBI’s Monetary Policy Committee kept the repo rate unchanged in the fourth bi-monthly policy meet for the financial year 2021-22. With no change this time as well, the repo rate currently stands at 4 percent. The reverse repo rate has been maintained at 3.35 percent.

The MPC voted unanimously to keep policy rates unchanged while it voted 5:1 to maintain an 'accommodative' stance.