The Reserve Bank of India (RBI) on October 09, 2024, issued a statement on Development and Regulatory Policies.
This Statement sets out various developmental and regulatory policy measures relating to: -
• Regulations - implementing measures for responsible lending by banning foreclosure charges on certain loans, proposing a discussion paper on capital raising for Primary Cooperative Banks, and establishing the Reserve Bank Climate Risk Information System (RB-CRIS) to enhance climate risk data accessibility for regulated entities.
• Payment Systems - enhancing UPI transaction limits to encourage adoption, increasing the UPI123Pay limit to ₹10,000 and UPI Lite limits to ₹5,000 and ₹1,000, while also introducing a beneficiary account name look-up facility for RTGS and NEFT to boost payment accuracy and reduce fraud.
Refer to the attached document for detailed notification.
[Notification no. - 2024-2025/1254]
