Question: What is the upper limit of transaction prescribed in RBI’s framework on offline digital payments released on 3rd January 2022?
(a) Rs 100
(b) Rs 200
(c) Rs 300
(d) Rs 2000
Ans: b
Recent Context
- On 3rd January 2022 the Reserve Bank of India (RBI) has released a framework for small-value offline transactions in the digital mode.
Related Facts
- An offline payment refers to a transaction which does not require internet or telecom connectivity to take effect.
- It has been brought to increase digital connectivity of economy in the country especially in rural sector.
Key Points of Framework
- Offline payments may be made using any channel or instrument like cards, wallets or mobile devices, but they shall be made in proximity, or in the face-to-face mode only.
- Offline payment transactions may be offered without an additional factor of authentication (AFA).
- Payment instruments shall be enabled for offline transactions based on the explicit consent of the customer.
- The upper limit of an offline payment transaction shall be 200.
- The total limit for offline transactions on a payment instrument shall be2,000 at any point in time.
- Replenishment of the used limit shall be allowed only in online mode with additional factor of authentication (AFA).
- Customers shall have recourse to the RBI’s integrated ombudsman scheme, as applicable, for grievance redressal.
Kameshwar Shukla
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