The RBI which stands for the Reserve Bank of India has announced a multitude of measures that aims at boosting the mode of digital payments in order to bring new and updated developmental changes into the sector which also enhances the scope of priority sector lending and will definitely add a new addition or innovation to the financial ecosystem.
The announcement about this was made on Thursday by the Reserve bank of India. And the RBI also confirmed that they are already working on several projects which will be announced soon and their primary goal would be to focus on the areas in the country that are deprived of the sources required for becoming technology-friendly.
These projects will try to overcome impediments faced by a major part of India in assessing the financial services across districts because of the disparity in technology and digital mediums.
The RBI also announced that they are working on offline payment modes that don’t require internet connectivity
On Talking about Developmental and Regulatory Policies, RBI said in a statement, “Under this mechanism, cheques will be processed for payment by the drawee bank based on information passed on by its customer at the time of issuance of the cheque.”
“The Innovation Hub will act as a center for ideation and incubation of new capabilities which can be leveraged to create innovative and viable financial products and/or services to help achieve the wider objectives of deepening financial inclusion, efficient banking services, business continuity in times of emergency, strengthening consumer protection,” it said.