What is e-RUPI Vouchers: The Reserve Bank of India has allowed non-bank companies to issue e-RUPI vouchers as well. Let us know what it is and how it works.
RBI MPC Meeting: After the meeting of the Monetary Policy Committee of the Reserve Bank of India, RBI Governor Shaktikanta Das has announced that there will be no change in the repo rate. Along with this, while discussing about e-RUPI voucher, said that its scope is now being extended and now non-banking companies will also be allowed to issue it.
The governor said that non-banks have also been allowed to facilitate the facility of e-rupee vouchers. The Governor has also asked to circle the process of issuance and redemption of e-RUPI vouchers. Till now there was facility to issue e-form vouchers only on behalf of banks. Das said that this will further deepen the digital penetration.
What is e-RUPI Voucher?
Digital voucher e-RUPI was launched in August 2021. It runs on the Unified Payments Interface (UPI) system of the National Payments Corporation of India (NPCI). At present, this voucher is issued by banks on behalf of the Central and State Governments to a limited extent. This is a digital payment method. The government is using this method for its welfare scheme. In this way money is received in cashless and contactless ways and no middleman is required. In this, by scanning just one QR code, the money goes easily and quickly into the person’s account.
How does this work?
E-Rupee Voucher is easy to use through payment options like Net Banking, IMPS etc. Under e-rupee vouchers, money is sent from one account to another through a QR code. It can be used like a prepaid voucher.
what would be the advantage
This facility is provided by banks like SBI, Axis Bank, Bank of Baroda, ICICI Bank, HDFC Bank etc. However, now RBI has announced to increase its scope. This is especially for those people who do not use money transfer or bank facilities. Example- If a person is admitted in the hospital and the government wants to send money to him, then it will send a QR code, which can be scanned by the hospital and take its payment.
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