While announcing the December monetary policy, RBI on Wednesday decided to introduce the functionality of a single-block-and-multiple debit in UPI. This is expected to significantly enhance the ease of making payments in e-commerce space and towards investments in securities. RBI will release separate instructions to NPCI shortly.
In its statement on the development and regulatory policies, RBI said, UPI has features that enable the processing of mandates for recurring transactions and single-block-and-single-debit functionality.
