iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

RBI Allows UPI Access for Prepaid Instruments via Third-Party Apps

5 Apr 2024 , 01:07 PM

The Reserve Bank of India (RBI) announced on April 5 its decision to permit access to the Unified Payments Interface (UPI) through third-party apps for prepaid payment instruments (PPIs).

Governor Shaktikanta Das stated in the Monetary Policy Committee (MPC) statement that currently, UPI payments from PPIs are restricted to the web or mobile app provided by the PPI issuer. However, the RBI proposes to allow the use of third-party UPI apps for such payments.

The MPC maintained the key repo rate at 6.5% for the seventh consecutive time, aligning with market expectations, with a primary focus on curbing inflation. The stance remains unchanged as the withdrawal of accommodation, with the decisions taken by a majority of 5:1.

Additionally, the RBI announced the permission for depositing money in cash deposit machines (CDMs) via UPI, aiming to enhance customer convenience and streamline currency handling processes at banks.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • RBI
  • Third-Party Apps
  • UPI
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.