Beware husbands! Now wife can use your UPI as well. Courtesy RBI Governor.

As if the ‘use’ of credit card were not enough to satisfy the better half, the RBI Governor has opened the door of UPI for utilisation by wife. She doesn’t need to have a bank account. Her mobile number is enough to do the wonders.

The Reserve Bank of India (RBI) Governor Mr. Shaktikanta Das has proposed to introduce the concept of ‘Delegated Payments’ through UPI.  This means that the holder of the bank account and UPI can delegate his UPI to the second party for utilization. The second party need not have a bank account. This means that wife doesn’t need to have a bank account to have UPI payment facility. She can very well use the UPI of husband. A son/daughter can delegate UPI to his parents, a boy friend to his girl friend and so on.

The UPI payment System: ‘It is proposed to introduce a facility of “Delegated Payments” in UPI. This would enable an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user’s bank account without the need for the secondary user to have a separate bank account linked to UPI. This will further deepen the reach and usage of digital payments,’ said RBI Governor Shaktikanta Das in the monetary policy dated 8^th August 2024.

UPI payment limit increased to Rs 5 lakh : The RBI Governor has increased the UPI transaction limit to Rs 5 lakh in case of tax payments. Earlier, he transaction limit of UPI payment was fixed at Rs 1 lakh. This will further boost the coffers of the Government and facilitate real time reporting of tax collection.

Cheque to be cleared within hours: The RBI has proposed to introduce continuous clearing of cheques with ‘on realisation settlement in Cheque Truncation System (CTS). As of now the cheques are collected from drop boxes and sent for clearing in batches (generally twice in a day). As a result the clearing of cheque takes almost two days. RBI has proposed to introduced continuous clearing. Through this measure, cheque will get cleared withing hours of presentation. Next time, when you issue a cheque to somebody, please ensure that the amount is available in your account.