RBI mulls launching UPI-based payment products for feature phone users: Shaktikanta Das

The Reserve Bank of India (RBI) on Wednesday is mulling to launch a Unified Payments Interface (UPI) based payment products for feature phone users. This was revealed by RBI Governor Shaktikanta Das during the bi-monthly policy review announced today. These steps are being taken to ease the process for small value transactions. 

As of now, feature phone users are allowed to NUUP (National Unified USSD Platform) for availing basic payment services using the shortcode *99#. However, since this feature is not so popular, the RBI is mulling to launch a UPI-based payment product for the feature phones. 

Repo Rate unchanged at 4 per cent, GDP growth projected at 9.5 per cent 

Meanwhile, the RBI has maintained the status quo on key rates and has kept the repo rate unchanged. RBI Governor Shaktikanta Das informed that the Monetary Policy Committee (MPC) voted unanimously to keep the policy repo rate at 4 per cent. In addition, the Reverse Repo Rate remains unchanged at 3.35 per cent.

"Monetary Policy Committee (MPC) voted unanimously to keep the policy repo rate at 4 per cent and the stance remains accommodative. Marginal Standing Facility (MSF) rate and bank rate remain unchanged at 4.25 per cent. Reverse repo rate also remains unchanged at 3.35 per cent," said RBI Governor Shaktikanta Das 

Moreover, RBI has retained the GDP growth forecast at 9.5 per cent for the current fiscal. Even so, it has been cautioned that the economic recovery is not yet strong enough to be self-sustaining and durable. Das informed that RBI is eyeing managing a durable, strong and inclusive recovery. 

"We need to be persevering, patient and persistent in our efforts. We also need to be aware, alert and agile to the new realities confronting us. Our efforts over the past one year and nine months have given us the confidence and a head start to face the challenges that lie ahead," he said

With inputs from agencies 

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