RBI Allows Non-Bank Companies to Issue E-RUPI Vouchers
The Reserve Bank of India (RBI) has announced that non-bank companies will now be able to issue e-form vouchers. RBI Governor Shaktikanta Das made this announcement during the monetary policy presentation on Thursday. This decision will increase the reach and scope of e-form vouchers, which are currently issued by banks for specific use.
E-Rupee vouchers are digital vouchers that were launched in August 2021 and are currently issued by banks on behalf of the Central Government and State Governments for specific purposes. They also issue e-vouchers on behalf of companies, but only in very limited numbers.
Under the new policy, institutions issuing non-bank prepaid payment instruments will be able to issue e-form vouchers on behalf of individuals. Governor Das also talked about issuing e-rupee vouchers and simplifying the process of redemption.
E-Rupee Vouchers are completely cashless and are a no-contact electronic payment instrument issued on the mobile of the beneficiary. It is issued in the form of a QR code or SMS-based e-voucher.
Governor Das believes that increasing the scope of e-rupee voucher issuers will boost the use of digital payments in the country. This move will allow more people to access and benefit from digital payment options.
English Summary: The Reserve Bank of India (RBI) has announced that non-bank companies will now be able to issue e-form vouchers. This decision will increase the reach and scope of e-form vouchers, which are currently issued by banks for specific use. E-Rupee vouchers are digital vouchers that were launched in August 2021 and are currently issued by banks on behalf of the Central Government and State Governments for specific purposes. Governor Das believes that increasing the scope of e-rupee voucher issuers will boost the use of digital payments in the country.
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