Taxmann's Analysis | RBI's Key Regulatory Reforms – Beneficiary Name Look-up Feature | UPI Limits

RBI Unveils Key Regulatory Reforms Beneficiary Name Look-up for RTGS/NEFT

Hikes UPI Transaction Limits

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Taxmann's Analysis | RBI's Key Regulatory Reforms – Beneficiary Name Look-up Feature | UPI Limits

Published on Oct 10, 2024

This article analyses the latest regulatory and developmental initiatives announced by the Reserve Bank of India (RBI) in its press release dated October 9, 2024. These initiatives, designed to strengthen financial stability and sustainability, span multiple areas, such as payment systems, regulatory reforms, and climate risk management. The key highlights of the proposals include: ‣ Introduction ‣ Beneficiary Name Look-Up Feature for RTGS/NEFT Transactions ‣ Increased Transaction Limits for UPI123 Pay and UPI Lite Wallets ‣ Extension of 'Foreclosure Charge Guidelines' to Micro and Small Enterprises ‣ New Capital Raising Opportunities for Primary (Urban) Cooperative Banks ‣ Establishment of the 'Reserve Bank Climate Risk Information System' Data Repository ‣ Conclusion

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