What is e-RUPI digital payment, what will be the effect of RBI's decision, know the answer to every question related to it

E-Rupee is basically a digital voucher that a beneficiary receives on his/her phone in the form of SMS or QR code.

This is a prepaid voucher, which he can use at any center that accepts it. So its great move in financials

Initially, National Payments Corporation of India has tied up with over 1,600 hospitals where e-Rupee can be redeemed.

Experts say that the use base of e-rupee is expected to widen in the coming days. Even the private sector will be able to use it to pass on benefits to their employees.

Micro, small and medium industries will also be able to adopt it for business to business transactions.

Reserve Bank Governor Shaktikanta Das has announced that the limit of e-rupee digital voucher has been increased from Rs 10,000 to Rs 1 lakh.

multiple use has been approved in it. He announced that the RBI is extending the on-tap liquidity scheme for healthcare, contact intensive sector by 3 months.

E-Rupee does not require the beneficiary to have a bank account, which is a major feature compared to other digital payment modes.

This ensures an easy, two-step process of getting contactless payments that doesn't even require sharing of personal details.

Another advantage is that e-Rupee operates on basic phones as well so it can be used by people who do not have smart phones or in places where weak internet connection .

National Payments Corporation of India partners with 11 banks for e-rupee transaction These banks are..

Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank,Kotak Mahindra Bank

... Punjab National Bank, State Bank of India and Union Bank of India. The apps that take it are Bharat Pay..

.. BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and YONO SBI Merchant Pay. More banks and apps that accept e-Rupee are expected to join it soon.