Reserve Bank of India

According to PTI sources, the Finance Secretary and Expenditure Secretary would chair the majority of these sessions to approve RE for the current fiscal year (2022-23) and Budget Estimate for 2023-24.

"UPI simplifies purchases by connecting customers' debit cards to their savings or current accounts. It is currently suggested to allow credit card linkage on the UPI platform, with RuPay credit cards being the first to be linked," Das stated.

The facility was launched through token transactions by Reserve Bank of India Governor, Shaktikanta Das and Managing Director of Monetary Authority of Singapore Ravi Menon using the UPI-PayNow linkage.

With the revision, a three-year time deposit with post offices would earn 5.8 per cent from the existing 5.5 per cent, an increase of 30 basis points for the third quarter of the current financial year.

On Friday, in a surprise move, RBI announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks.

"To encourage larger-value recurring payments such as subscriptions, insurance premiums, and school fees within the framework, the cap is being raised from Rs 5,000 to Rs 15,000 per transaction," said the governor of the RBI.

The issue price is decided based on the average closing price for the last three working days of the week preceding the subscription period. These rates are published by the India Bullion and Jewellers Association Limited.

Curious about the decline in circulation of the old Rs 5 coin in India? Discover the reasons behind this shift, including changes in minting priorities, economic factors, and public perception.