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| RBI launches UPI for feature phones UPI123Pay and 24x7 helpline DigiSaathi | Daily Current Affairs Dose | Pics:Twitter |
Our Daily Current Affairs Dose 2022 will help you to crack the General Awareness section of Banking Insurance SSC Railway UPSC and all government jobs exams
RBI launches UPI for feature phones UPI123Pay and 24x7 helpline DigiSaathi | Daily Current Affairs Dose
Reserve Bank of India (RBI) launched UPI for feature phones called UPI123pay. RBI governor Shaktikanta Das launched the UPI123pay and also launched a 24x7 helpline DigiSaathi for digital payments in Mumbai. This new initiative by RBI will facilitate use of UPI with text and allow feature phone users to seamlessly perform various financial and non-financial transactions. The 24x7 helpline DigiSaathi will give an opportunity to provide solutions to various queries about digital payments.
There are more than 40 crore feature phone users in India and they are not able to use digital payment solutions.
Background
At present, efficient access to UPI is available on smartphones. UPI can be accessed through NUUP (National Unified USSD Platform) using the short code of *99#. But this option is cumbersome and not popular. Considering that there are more than 40 crore feature phone mobile subscribers in the country, UPI123pay will materially improve the options for such users to access UPI.
UPI123Pay includes four distinct options as below: Key features
App-based Functionality: An app would be installed on the feature phone through which several UPI functions, available on smartphones, will also be available on feature phones.
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Missed Call: This will allow feature phone users to access their bank account and perform routine transactions such as receiving, transferring funds, regular purchases, bill payments, etc., by giving a missed call on the number displayed at the merchant outlet. The customer will receive an incoming call to authenticate the transaction by entering UPI PIN.
Interactive Voice Response (IVR): UPI payment through pre-defined IVR numbers would require users to initiate a secured call from their feature phones to a predetermined number and complete UPI on-boarding formalities to be able to start making financial transactions without internet connection.
Proximity Sound-based Payments: This uses sound waves to enable contactless, offline, and proximity data communication on any device.
DigiSaathi 24x7 Helpline
The 24x7 Helpline – ‘DigiSaathi’ – provides a channel to obtain help on the entire gamut of digital payments. Automated responses on information related to digital payment products and services are available in Hindi and English through multiple options like – (a) toll-free number (1800-891-3333), (b) a short code (14431), (c) website – www.digisaathi.info, and chatbots.
DigiSaathi 24x7 helpline will assist users with their queries on digital payments via website & chatbot facility and through toll-free calls where users can dial or call out the options / products for which the information is required. More interactive options and language choices shall be enabled going forward.
Important facts for upcoming exams from the above Current Affairs Topic
- Establishment of Reserve Bank of India (RBI): 1 April 1935
- Headquarters of RBI: Mumbai, Maharashtra, India
- Governor of RBI: Shaktikanta Das
- Deputy Governor of RBI: Mahesh Kumar Jain, Dr. M. D. Patra, M. Rajeshwar Rao and T. Rabi Sankar
- Ownership of RBI: Ministry of Finance , Government of India
Current Policy Rates
- Policy Repo Rate: 4.00%
- Reverse Repo Rate: 3.35%
- Marginal Standing Facility Rate: 4.25%
- Bank Rate: 4.25%
Current Reserve Ratio
- CRR: 4.00%
- SLR: 18.00%
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