RBI releases framework for facilitating small value digital payments in offline mode

The Reserve Bank of India (RBI) has released the framework for facilitating small-value digital payments in offline mode. Such transactions would not require an additional factor of authentication. The transactions are subject to a limit of Rs 200 per transaction and an overall limit of Rs 2,000 for all transactions until balance in the account is replenish­ed. In addition, RBI will set up a separate fintech department, effective from January 4, 2022. According to RBI, the newly formed fintech department will be administratively attached to the centralised administrative division of the central office.