UPI payments without Internet? Here's what RBI says

The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced that it will launch UPI-based payment products for feature phone users. 

In the 'Statement on Developmental and Regulatory Policies' released today, the central bank announced proposals to ease the process for small value transactions and popularise UPI payment through feature phones.

The governor also made the announcement to enhance the transaction limit to Rs 5 lakh from Rs 2 lakh for UPI payments for the central bank's Retail Direct scheme as well as IPO offering applications. 

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The scheme enables investment by individuals into government securities by opening a gilt securities account with RBI. 

Das further stated that the central bank will release a discussion paper on several charges in the payment system which comprises wallets, cards and UPI. 

The governor also allowed an "on-device" wallet in UPI for small value transactions, which will them easier. Das added that it will deepen the penetration of UPI payments in the overall retail payments segment and ease transactions for customers.

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He also announced that the RBI will allow banks to pump in the capital in overseas branches and repatriate profit without its prior approval. 

The central bank, on Wednesday, maintained a status quo on key lending rates, keeping the repo rate unchanged at 4 per cent, and reverse repo at 3.35 per cent, in its bi-monthly policy review. 

The Monetary Policy Committee (MPC) voted unanimously to keep the key policy rates unchanged and by a majority of 5:1 to retain the accommodative policy stance, Das said.