RBI asks banks to hold camps on digital payments from April 1
Mumbai : To provide a push to the digital payments post note ban, RBI asked banks to organise special camps from April 1 to educate public. The Central bank asked banks to educate about digital payments through UPI and 99# (USSD) code platforms.
It also said the policy on conduct of camps by Financial Literacy Centre and rural branches of the banks has been revised given the recent developments on withdrawal of legal tender status of old Rs 500 and 1,000 notes and the focus on going digital.
Unified Payments Interface is a system that powers multiple bank accounts into a single mobile application. The USSD service for fund transfer works without internet.
Besides the special camps on going digital, RBI said FLCs will continue to conduct the tailored camps for the different target groups.
Further, rural branches of banks are henceforth required to conduct only one camp per month on the third Friday of each month after branch hours.