The Reserve Bank of India (RBI), today in its RBI Monetary Policy Committee announcement, announced the enhancement in the capacity of UPI and expansion of the scope of the Bharat Bill Payment System (BBPS).

With regards to the same, please find appended a quote by Akash Sinha, CEO & Co-founder, Cashfree Payments. Have also attached his high-resolution picture for your reference.

“RBI’s announcement with respect to UPI payments and Bharat Bill Payment System (BBPS) are encouraging in the payments ecosystem. The RBI’s announcement around increasing the capacity of UPI by introducing single-block and multiple debits functionality, will enable users to block funds in their account, which can be debited at the time of need.  This will make it more convenient to make payments towards investments in securities through the RBI’s Retail Direct platform and e-commerce transactions. RBI has been working towards boosting the efficiency and effectiveness of BBPS, to facilitate and accelerate the adoption of cashless payments and today’s announcement to expand its scope will further aid in increasing the accessibility for a wider set of individuals and businesses. India, as an economy, has already witnessed a rapid rise in the digital payments, logging 23.06 bn transactions amounting to Rs 38.3 lakh crore in the third quarter this year. RBI’s recent efforts with respect to digital payments will certainly contribute towards the cashless economy imperative.”