The decision comes at a crucial juncture when the economy is seeking renewed momentum. By lowering interest rates, the RBI is not only aiding consumption but also providing much-needed relief to borrowers, particularly first-time homebuyers. This rate cut, coupled with the recent tax relief measures announced in the Union Budget, creates a favorable environment for increased housing demand and encourages developers to launch new projects.

As the housing sector plays a vital role in driving economic growth, this initiative is expected to stimulate demand and enhance affordability for homebuyers. The anticipated boost in household consumption, alongside moderating inflation and improved employment conditions, sets a positive outlook for the housing industry.

CREDAI Hyderabad is optimistic that these measures will lead to a flourishing housing market, contributing significantly to the overall economic recovery. We appreciate the RBI’s proactive approach in aligning monetary policy with the needs of the economy and supporting the aspirations of homebuyers.

We look forward to working together with all stakeholders to ensure that the benefits of these initiatives translate into real opportunities for the community.

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Bengaluru, 29 August 2024: The Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, today announced the launch of two new product offerings built by the National Payments Corporation of India (NPCI) at the Global Fintech Festival (GFF) 2024. These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegate payments to users. These payment solutions are aimed to enhance inclusivity, security, and efficiency of India’s digital payment ecosystem.

The launch took place in the presence of Shri Nandan Nilekani, Non-Executive Chairman, Infosys and Advisor to NPCI, and Shri Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director, NPCI.

Bharat BillPay for Business (B2B Platforms)

The RBI Governor announced the expansion of BBPS services to cater to business enablement platforms, streamlining B2B payments and collections. This development is expected to change the landscape of business payments across the country through a single, centralised, interoperable platform. Bharat BillPay for Business aims to standardise, simplify and automate various invoice payment processes for day-to-day business operations irrespective of size of the business. Offerings like business onboarding, search and add business, purchase order (PO) creation, invoice management, automated reminders, guaranteed settlement, financing, AR (Accounts Receivable) and AP (Accounts Payable) dashboard, and online dispute resolution are inbuilt in this platform. Banks, Enterprise Resource Planning (ERPs) and B2B fintechs alike can now connect with BBPS for Business and offer their clients a holistic solution.

This solution will empower businesses to seamlessly digitalise the existing manual processes, and enhance the services offered by B2B players by on-boarding these businesses on a comprehensive and interoperable digital invoice and payment solution.

UPI Circle (Delegate Payments)

The RBI Governor launched UPI Circle, wherein UPI users can delegate payments to their trusted secondary users.

UPI Circle is a feature enabling UPI user to act as a primary user linking with trusted secondary users on UPI App for either partial or full delegation of payments. In full delegation, the primary user authorises a trusted secondary user to initiate and complete UPI transactions as per defined spend limits. In partial delegation, the primary user authorizes initiation of payment requests from secondary users. The primary user then completes the UPI transaction with UPI Pin. A primary user can delegate to up to 5 secondary users and a secondary user can accept delegation from only one primary user.

Full delegation allows a maximum monthly limit of INR15,000 per delegation and a maximum per transaction limit of INR 5000. Existing UPI limits shall be applicable in case of partial delegation.

A live demonstration of UPI Circle was showcased via UPI enabled apps, including BHIM, at the launch event.

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Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), the Ministry of External Affairs, the Department of Financial Services (DFS), the Reserve Bank of India (RBI) and the International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

In his keynote address, Shri Das said, “India is a fast-growing economic powerhouse with an increasingly tech-savvy population. India’s financial sector has witnessed a remarkable transformation driven by the fintech sector. Publicly available information places the number of fintechs founded in India at approximately 11,000, and the fintech sector has received investments of about USD 6 billion in the last two years alone.” The Governor proposed to highlight three major aspects: First, setting the priorities for India at 100. Second, technologies for the future and third, the regulatory architecture for fintechs.

Welcoming the RBI Governor, Mr. Kris Gopalakrishnan, Chair – GFF2024, Co-founder Infosys and Chairman, Axilor Ventures said, “The role of a regulator is enabling and enforcing, as without enabling, enforcement is not possible. I believe that RBI has done a fantastic job of working with the industry and making innovation possible and creating an economy that is inclusive, equitable and that is driven by technology.”

Around 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and various other countries are addressing more than 350 sessions over three days of the conference. Delegates have arrived from around a hundred countries, besides India.

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