RBI Deputy Gov Introduces Next-Gen UPI Features - Check Key Details Here

The Reserve Bank of India's Deputy Governor, T. Rabi Sankar, on Thursday, October 7 introduced three key digital payment innovations such as ‘UPI Multi-Signatory’, and ‘Forex on Bharat Connect’ to expand access to regulated forex services, and foster a higher rate of financial inclusion.

UPI Multi-Signatory

The Multi-Signatory Accounts feature on UPI will allow multi-signatory/ joint accounts on UPI that require authorisation from one or more signatories to perform UPI payments. This feature is fully interoperable, allowing initiators to use any UPI or bank apps, while signatories can approve via any UPI or bank app, making it the first time UPI is extending approval-based payment capabilities

Small Value Transactions Using Wearable Glasses Via UPI Lite

With this integration, users can complete hands-free and secure transactions by simply scanning a QR, authenticate and complete payments through voice on Smart Glasses, without needing a phone or entering a PIN. It also benefits banks and PSPs by reducing core banking system load through off-CBS wallet execution.

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Forex On Bharat Connect

The launch of linkage of FX Retail Platform with Bharat Connect, enables retail customers to access foreign currency (USD) through their preferred payment/banking apps integrated with the Bharat Connect (BBPS) platform.

The product, launched by NPCI Bharat BillPay Ltd. (NBBL) in collaboration with the Clearing Corporation of India Limited (CCIL) and under the guidance of the Reserve Bank of India (RBI), ensures transparent pricing with real-time, competitive rates sourced from the CCIL-managed FX-Retail platform.

This integration allows individual customers of participating Authorised Dealer Category-I which are Axis Bank, Federal bank, ICICI Bank, State Bank of India and Yes Bank to register, view ‘Best Price’ in real time, and complete purchase of US Dollars digitally.