CURRENT AFFAIRS

Detailed explanation-1: -The National Payments Corporation of India (NPCI), the umbrella entity for digital payments in India, has launched a new application named “UPI-Help” on BHIM UPI, which will act as a grievance redressal mechanism for the users of the BHIM application.

Detailed explanation-2: -RuPay is a product of NPCI, the umbrella organisation that powers retail payments in the country.

Detailed explanation-3: -The following are the features of BHIM: Send Money: Send money by entering Virtual Payment Address (UPI ID), Account number and QR Scan. Request Money: Collect money by entering Virtual Payment Address (UPI ID). Additionally through BHIM App, one can also transfer money using Mobile No.

Detailed explanation-4: -With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.

Detailed explanation-5: -Accordingly, the new UPI functionality will enable users to block funds in their account, which can be debited at the time of need thanks to the RBI’s new UPI mandate. The RBI on Wednesday opted to add the functionality of a single-block-and-multiple debit in UPI while presenting the December monetary policy.