Framework for retail digital payments in offline mode coming soon: RBI
1 min read 08 Oct 2021, 10:42 AM ISTIn August 2020, the Reserve Bank of India (RBI) had unveiled a scheme of offline retail payments using cards
PremiumReserve Bank of India (RBI) Governor Shaktikanta Das on Friday said the framework for retail digital payments in offline mode will be opened up across the country soon.
“Three pilots were successfully conducted under the Scheme in different parts of the country during the period from September 2020 to June 2021 involving small-value transactions covering a volume of 2.41 lakh for value ₹1.16 crore.," RBI said in a statement.
In August 2020, the RBI had announced a scheme to conduct pilot tests of innovative technology that enables retail digital payments even in situations where internet connectivity is low / not available (offline mode).
“The learnings indicate that there is a scope to introduce such solutions, especially in remote areas. Given the experience gained from the pilots and the encouraging feedback, it is proposed to introduce a framework for carrying out retail digital payments in offline mode across the country," it said.
The Reserve Bank of India's monetary policy committee today kept repo rate steady at 4%, while the reverse repo rate or the borrowing rate also stayed unchanged at 3.35%. All 60 economists polled by Reuters had said they expected no change in the repo or reverse rates, which have been steady since May last year.
