Your family members will be able to use your UPI account with your consent, this RBI policy regarding 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 transactions even easier.
Preparations for big changes in UPI
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RBI says that this will make the process of digital payment simpler. 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 payments, after which anyone else 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 created with one bank account, and only a single user can use it. But now there is talk of running multiple UPI payment systems from one bank account simultaneously. To understand it by an example, many people use one credit card, in the same way preparations are going on to create the UPI payment system.
What is UPI Delegates Payments?
In simple words, you will have the master access of your UPI account and you will be able to give access of the account to anyone else for payment. This change in Unified Payments Interface (UPI) is said to make it more popular. Reserve Bank of India (RBI) has recently announced this new feature of 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 were taken in the 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. With this change, it will be easier to pay tax of large amounts 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.
Source (PTI) (NDTV) (HINDUSTANTIMES)