Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday announced additional measures related to the fintech industry. He announced the plans during his monetary policy speech earlier in the day.

What Happened: The measures announced by Das pertain to streamlining the digital lending apps (DLA) space and widening access to UPI.

Digital Lending App Measures: RBI has announced the formation of a public repository of digital lending apps deployed by its regulated entities to address the issues arising from unauthorised DLAs and help consumers identify uncertified apps. The regulated entities must provide and update details about their DLAs in this repository.

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UPI Enhancement: The central bank has widened the scope of UPI under a facility called “delegated payments". This would allow a primary user to authorise another individual to make UPI transactions up to a specified limit from the primary user's bank account, without requiring the secondary user to have their own bank account linked to UPI.

Moreover, the top bank has also proposed to raise the limit for tax payments through UPI to ₹5 lakh from ₹1 lakh per transaction, aiming to ease tax payments through UPI. Currently, the UPI transaction limit is ₹1 lakh, with exceptions for certain types of payments.

The RBI in its August meeting decided to keep the benchmark repo rate unchanged at 6.5%. The Indian central bank expects real gross domestic product (GDP) to grow by 7.2% in 2024-2025, Das added.

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