CURRENT AFFAIRS

Detailed explanation-1: -The 24x7 Helpline – ‘DigiSaathi’ – provides a channel to obtain help on the entire gamut of digital payments.

Detailed explanation-2: -NEFT is a system operated round the clock on all days, i.e., on 24x7x365 basis. RBI does not levy any processing charges on member banks and has also advised banks to not levy any charges on savings bank account holders for fund transfers initiated online through NEFT.

Detailed explanation-3: -The three digital payment initiatives that were launched by the RBI are RuPay Credit Card on Unified Payments Interface (UPI), UPI Lite, and Bharat BillPay Cross-Border Bill Payments.

Detailed explanation-4: -The Reserve Bank of India (RBI) has come out with “Payments Vision 2025” with an objective to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options.

Detailed explanation-5: -Ministry of Electronics & Information Technology (MeitY), Digital Economy & Digital Payment Division has been entrusted with the responsibility of leading this initiative on “Promotion of Digital Transactions including Digital Payments”.