RBI Increased The Cap Of e-RUPI Vouchers To One Lakh Rupees

RBI increased the cap of e-RUPI vouchers to one lakh rupees, also allowed multiple uses.

The Reserve Bank on Thursday increased the limit for e-RUPI prepaid digital vouchers from Rs 10,000 to Rs 1 lakh.

Along with this, the beneficiaries have also been allowed multiple access to the facilities of digital distribution of various government schemes.

The e-RUPI prepaid digital voucher developed by the National Payments Corporation of India (NPCI) was launched in August 2021 as a person-specific and purpose-specific cashless voucher with a single-time redemption facility of Rs 10,000.

Shaktikanta Das announced.

RBI Governor Shaktikanta Das said, “In order to facilitate digital distribution of various government schemes to the beneficiaries.”

“The limit for e-RUPI vouchers issued by the government has been increased to Rs 1 lakh per voucher and multiple usages of e-RUPI vouchers are being proposed.”

It is proposed to give permission (until the voucher amount is fully encashed).” Necessary instructions regarding the changes will be issued to NPCI separately.

Let us inform you that he has made this announcement in the press conference after RBI’s Monetary Policy Review (MPC).

RBI increased the cap of e-RUPI vouchers: Welcome step.

Jaya Vaidyanathan, CEO, BCT Digital said that scaling up the e-RUPI system is a welcome step.

The government-sponsored, secure “Gift Card” program was launched with good intentions but with a limited scope (one-time use only and a limit of Rs.10,000).

This system needed to be further elaborated. He said that the announcement of allowing higher limits and multiple transactions points to a bigger role of the e-RUPI system in the economy.

RBI did not change the repo rate.

RBI announced the review of its Monetary Policy Committee (MPC). There has been no change in the repo rate.

It has been retained at 4 percent. Along with this, other key interest rates have also not changed.

Estimation was given on real GDP growth.

Shaktikanta Das said that the real GDP growth for 2022-23 is estimated at 7.8%.

It is projected to grow at 17.2% in Q1, 7.0% in Q2, 4.3% in Q3, and 4.5% in Q4. Das said the CPI inflation for 2022-23 may remain at 4.5%.