Utility News: RBI allows offline payment, no net required!

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The Reserve Bank of India has now taken a major step to promote digital transactions in villages and towns. RBI has issued such a framework on Monday, under which offline payment of up to two hundred rupees per transaction will be allowed. Its total limit will be up to two thousand rupees.

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This type of payment does not require an individual to have internet or telecom connectivity. In the offline mode, the payment can be done face-to-face through any medium such as cards, wallets, and mobile devices. The Reserve Bank of India said in this regard that additional verification factors will not be required for such transactions.

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Due to the payment being offline, customers will be able to get alerts through SMS or e-mail only after some time. Offline transactions were started on a pilot basis in various parts of the country from September 2020 to June 2021. This framework has been made based on the feedback received on this.