RBI Governor: UPI will become world leader in digital payments, Shaktikanta Das said serious thing about crypto currency
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RBI Governor: Changes have been approved by the US Securities and Exchange Commission to allow the creation of Bitcoin exchange-traded funds in the US. Regarding this, Reserve Bank of India Governor Shaktikanta Das (Shaktikant Das) said at an awards event on Thursday that the central bank will not follow others on cryptocurrency rules. What is good for another market is not necessarily good for us. He clearly said that RBI’s position on cryptocurrency remains unchanged. Traveling on that route would pose huge risks. He described crypto currency as a big and serious threat to all the countries of the world and emerging markets. Shaktikanta Das said at the Mint BFSI Summit that how will you regulate, who will you regulate and what will you regulate. He referred to a recent International Monetary Fund (IMF) report that acknowledged the need for countries to consider imposing additional restrictions on cryptocurrencies.
Indian UPI is the best
RBI Governor Shaktikanta Das described India’s UPI payment system as the best payment platform. He praised private companies for improving it. Digital payment is progressing rapidly in India. The whole world has been left behind due to this. He said that other developed countries including America have lagged far behind India in terms of UPI payments. The whole world is now considering UPI payment better. He described it as the world leader in digital payments. Let us tell you that since the period of demonetization and Corona infection, digital payments have increased very rapidly in the country. UPI has played an important role in this payment facility. Today it has become the main medium of payment in India. Now efforts are being made to take it to villages and remote areas. Let us tell you that in some categories the Reserve Bank has increased the limit of UPI payment from Rs 1 lakh to Rs 5 lakh.
Action being taken on fake loan app
In recent times, many complaints had reached the Reserve Bank regarding fake loan apps. Regarding this, Shaktikanta Das said that action is being taken against such apps. He said that the digital lending guidelines have been well accepted. Fintech sector is growing and will grow but there is a need to increase stability in it and this is our emphasis. Working with the government and relevant ministries to take appropriate action against the suspected app. The Governor said that the strength of IT systems and the threat of cyber security can be a big challenge for banks. He said that we are making tireless efforts towards further strengthening India’s banking system and the overall financial system. During the last few years, the Indian banking sector has fought with strength against unexpected challenges.
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