RBI seeks conducting special camps on digital payments
Posted on: 03/Mar/2017 2:32:05 PM
The Reserve Bank of India has requested all the banks to conduct special camps and create awareness about digital payments to all the people. The camps are set to start from 1st April and will teach about UPI and USSD 99# payments.
Starting from 1st April 2017, all these Financial Literacy Centres are instructed to organize special camps for about one year. This will boast about Going Digital with UPI and 99# payments.
What is UPI?
UPI stands for Unified Payment Interface. This is a system that integrates different bank accounts into a single account. This USSD service does not require the use of internet. Apart from these special camps regarding digitalization, the FLCs will organize tailored camps targeting specific groups.
Content for these tailored programs targeting exclusive groups is now being prepared and likely to be shared among banks and FLCs shortly. Once in a month, these camps will be conducted at rural areas, and to be specific, on third Friday of every month after the bank branch hours get over.
These rural bank branches and FLCs can source funding of Rs. 15,000 per camp from financial literacy camps, covering close to 60 percent of the total expense for conducting camps.
