RBI has now officially announced the UPI-TIPS interlinkage as part of the G20 Roadmap, and this initiative aims to enhance the cross-border payments across the Euro Area.

Read more about the update below.

UPI-TIPS Interlinkage – Officially Announced

As mentioned, the UPI-TIPS Interlinkage initiative is aligned with the G20 Roadmap and aims in enhancing cross border payments. The goal is to make remittances cheaper, efficient, transparent, as well as accessible, and for this, both RBI (Reserve Bank of India) and NIPL (NPCL International Payments Limited) have worked together engaging with the European Central Bank, bringing the UPI connection to the Eurosystem-operated instant payment system – TIPS (TARGET Instant Payment Settlement).

The UPI-TIPS link realization phase has already been agreed upon and thanks to which, cross border remittances between India and the European Union have been made possible. Users of both these regions are also said to be benefited from this initiative. Furthermore, in order to operationalize the UPI-TIPS link, both RBI and NIPL will be continuing its collaboration with European Central Bank, and aspects like technical integration, risk management, and settlement arrangements will be focused.

In related news, early this month in November 2025, TRAI (Telecom Regulatory Authority of India) approved the CNAP Portal with a pan India roll-out expected by the month of March 2026. The CNAP Portal is aimed to provide caller details taken directly via the KYC database to users. Around the mid-half of this month in November 2025, the country also launched the E-Passport System, bringing out chip-enabled booklets, redesigned website and app, along with many new features.

Stay tuned for more updates.

The post Reserve Bank of India (RBI) Officially Announces UPI-TIPS Interlinkage, Aiming Enhanced Cross-Border Payments Across Euro Area appeared first on The Tech Outlook.

From October 1, 2023, Credit and Debit card holders in India will be able to port their networks to other ones. People are now able to port their mobile networks without compromising the details. Just like that, Credit and Debit cards will also be able for porting.

The Reserve Bank of India said in a circular that Credit, Debit, or prepaid card users will be able to switch or select their preferred card network in a shift from the current practice.

This regulation will allow flexibility and competition in the credit card market. It empowers users with the freedom to choose the card network that suits their interests.

One of the provisions in the RBI’s proposal is the prohibition of agreements that restrict card issuers from utilizing the services of other card networks. The competition among card networks is expected to stimulate innovation and drive improvements across the industry.

Card Portability

With card portability, Credit, Debit, and prepaid card users will be able to switch between any card network of their choice, like Visa, MasterCard, RuPay, etc. This process will not impact the user’s card accounts, balances, and card usage history.

Currently, users don’t get to choose their preferred card network when they apply for any card service. This is something decided between networks and the card issuer.

There are 5 card network companies in India. They are Visa, MasterCard, RuPay, American Express, and Diner’s Club. These companies have tie-ups with different financial institutions.

The card network portability option will be included in existing agreements or at the time of renewal or in fresh agreements executed from the date of the circular. The RBI has invited opinions from various stakeholders on the draft circular up to August 4, 2023.

Banks have a limited period of less than 90 days to implement these changes. The proposed implementation date is October 1, 2023.

The post Credits Cards And Debits Cards To Become Portable Just Like Porting A Telecom Network appeared first on The Tech Outlook.

On May 19th, 2023, the Reserve Bank of India announced the withdrawal of the Rs. 2,000 currency notes from circulation that could no longer be used for commerce. The existing currency notes in circulation can either be deposited in bank accounts or exchanged by September 30th, 2023.

As a solution to this, Amazon is trying to help the citizens to convert the value of the withdrawn Rs 2,000 currency notes. Amazon is an American multinational technology company. Amazon Pay is the digital paying service by Amazon.

Amazon Pay has announced a new service known as ‘cash at your doorstep’, which allows users to deposit Rs. 2,000 notes in exchange for the Amazon Pay Balance. Users can use this new Amazon Pay service to deposit their 2,000 notes with an Amazon delivery person during a cash-on-delivery order.

Amazon has said its customers can hand over up to Rs. 50,000 worth to the delivery agents for orders meant for payment via cash. The amount will then be credited to the Amazon Pay Wallet.

There are some steps to follow for the user to deposit the Rs. 2,000 currency notes into the Amazon Pay Balance:

• Complete the video KYC process on the Amazon App, which typically takes around 5 – 10 minutes.
• Place the cash-on-delivery order through Amazon.
• When the Amazon delivery agent arrives, hand over your Rs. 2,000 notes to them.
• Shortly after, the balance in your Amazon Pay account will reflect the deposited amount.
• Create a UPI handle on your Amazon Pay balance in a minute to start making payments effortlessly.

By depositing the Rs. 2,000 currency notes into your Amazon Pay balance, users gain the ability to scan and pay using QR codes at various shops, send money to individuals or phone numbers, and make payments on online apps.

Source

The post Amazon To Help Indian Users To Convert The Withdrawn Rs 2,000 Currency Notes appeared first on The Tech Outlook.

The First Finance Ministers & Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency is scheduled in Bengaluru and will be chaired by  Finance Minister Nirmala Sitaraman and co-chaired by RBI Governor Shaktikanta Das .

RBI on their official twitter account has shared the information that as the curtain raiser of this meeting held in Bangalore RBI’s e- ₹ as in the digital currency was showcased .

As a curtain raiser at the #FMCBG meetings under @G20India at #Bengaluru, @RBI's e-₹ (digital currency) showcased. Various delegates and Governor @DasShaktikanta visited stall.#RBI #RBIgovernor #G20Summit pic.twitter.com/TtFAhZ1j2J

— ReserveBankOfIndia (@RBI) February 23, 2023

In the image shared by them it can be seen that various delegates and Reserve Bank governor Shaktikanta Das have visited the Central Bank Digital Currency stall .

India’s Central Bank Digital Currency (CBDC) , Digital Rupee is issued by Reserve Bank of India as a digital token representing legal tender and is considered fiat money . This digital rupee is issued in the same denominations as the paper currency and coins currently in use .

Last year in a press release the Chief General Manager of RBI also stated that Reserve Bank will soon commence pilot launches of e- ₹ for specific use cases and as the extent and scope of such pilot launches expand , RBI will continue to communicate about specific features and benefit of e- ₹ , from time to time

RBI has also issued a concept note on CBDC which explained that this digital currency holds a lot of promises by way of ensuring transparency and low cost of operation among other benefits and potential to expand the existing payment systems to address the needs of a wider category of users .

The concept of this digital currency basically derived from crypto currencies , the only difference is that CBDC would be termed as a legal tender , easily transferable and legally recognized . The purpose of introduction of CBDC is risk mitigation in trade , business and commerce and also to control illegal , nefarious and money laundering activities carried out by certain cross sections of people .

The post RBI’s e- ₹ (digital currency ) showcased at FMCBG meeting as a curtain raiser appeared first on The Tech Outlook.

Unified Payment Interface, or UPI Payment as we all know it has been trending on Twitter. Well, it is happening because of an RBI proposal to add charges on every transaction done through it.

In recent years, UPI has become a preferred mode of payment for many Indians for miscellaneous and regular expenses. Whether it’s shopping, food or even bill payment, with no fee, the use of UPI has grown. A record 6 billion UPI transactions have been crossed this year.

But according to latest news, RBI plans to add a charge for UPI payment in the coming future. It is for development and maintenance of the UPI infrastructure. And since it’s similar to Instant Payment Service, it should be charged fee like that.

RBI said the service uses a lot of resources and puts cost burden, hence why there’s no justification for providing a free service, unless there is an element of public good and welfare. If RBI gives this the go ahead, even debit card payments would be chargeable.

They have asked an important question of who is to bear the cost of infrastructure and services. And how Indians might react to it after becoming used to the digital payment system.

Meanwhile, Twitter is rife with memes and reactions to the latest development. People are questioning that after every type of tax, do we have to incur one on this too? This speculation has led to the trending ‘UPI Payment’ phrase on Twitter. Let us look at how Indians are reacting currently to it:

After #UPIpayment charges pic.twitter.com/Tmg0kiUb4M

— ठाकुर हिमांशु राजपूत (@himurajput0) August 21, 2022

#UPIpayment to be charged soon

People after hearing this : pic.twitter.com/ASwGzCh7gh

— DEBARATI (@DebAnu2002) August 21, 2022

The post UPI Payments trending on Twitter? Here’s why appeared first on The Tech Outlook.

The RBI on Friday formulated enabling banks to protect corporate contracts, or just equity stakes of deputies, affiliates and joint ventures in the held-to-maturity classification (HTM) of their involvement editions.

An investment in the HTM section does not compel  to be esteemed at the recent market rate, and thus, banks do not have to incur rating-to-market penalties if the recent rates of the appliances drop in the demand.

Ahead, only administration and state government safeties, and distinct safeties by infrastructure corporations were enabled in the HTM sector. Moreover, banks were not authorized to maintain additional than 25% of their whole investments in this sector.

In a blueprint conversation manuscript on prudential standards on investments by banks, the central bank formulated eliminating the roof on investments in HTM as a proportion to estimate investments. Moreover, the top on SLR safeties that can be clasped there. Acknowledgment on the plan can be lent by February 15.

As per to professionals, this will enable banks to purchase additional bonds, both administration and corporate, thereby boosting the investor basis for these insurances.

Nonetheless, the supervisions for exchanges out of HTM shall be fastened to assure that the fundamental tenets and principles for category of safeties as HTM and valuing them at expense is not invalidated explained by the plan conversation paper.

The FVTPL will be the residual classification where all involvements that do not authorize for inclusion in HTM or AFS shall be classified. This sector can have enterprises such as securitisation receipts (SRs), mutual funds, substitute investment funds, equity stakes, which do not have any contractually stipulated occasional currency flows that are exclusively expenditures of chief and interest on principal extraordinary can be protected.

The central bank also announced it was available to survey some of its extant standards on valuation of investments on the basis of market acknowledgment.

The post The Reserve Bank of India on Friday proposed allowing banks to keep corporate bonds in the HTM Category appeared first on The Tech Outlook.

In this Financial Literacy Week, the Reserve Bank of India suggests taking a loan from regulated entities like banks, NBFCs and HFCs. It is a good practice as they are regularly supervised and monitored.

If you take a loan from regulated organisations, then you can avail loans at a very low rate of interest and also the risk is very low.

RBI reassures the general public that the Indian banking system is safe and stable and there is no need to panic on the basis of any rumours.

RBI also posted on this on their social media handles. They also shared a video on youtube where a currency note pops out of the laptop screen to suggest that one should always avail loans from a regulated entity such as RBI, NBFC and HFC. Because this is a safe way to avail loans. Unlike informal organisations, these organisations are properly supervised and maintained.

Here is the link: https://twitter.com/RBIsays/status/1358637664958783489

The post The Reserve Bank of India suggests to avail loans only from regulated organisations appeared first on The Tech Outlook.