RBI enhances cap on for e-RUPI
The Reserve Bank of India (RBI) on 10 February 2022 proposed to increase the cap on the amount for e-RUPI vouchers from Rs 10,000 currently to Rs 1, 00,000 so as to enhance the scope of application of these vouchers and facilitate faster delivery of various government services to beneficiaries efficiently.
- The e-RUPI vouchers can be used multiple times, until the amount on the voucher is completely redeemed.
- Currently, each voucher can be redeemed only once. The RBI will issue necessary instructions in this regard to the National Payments Corporation of India (NPCI).
- This will further facilitate the delivery of various government schemes to the beneficiaries more efficiently.
- Launched in August 2021, e-RUPI, currently, is a one-time use digital solution to facilitate cashless payment which is person and purpose specific for various services like the covid vaccinations, donations, corporate gift vouchers, etc.
- e-RUPI can be issued only by banks authorised by RBI to issue Prepaid Payment Instruments (PPI) and who are participating as Payment Service Providers (PSP) in the UPI ecosystem.
- e-RUPI vouchers are presently being used largely for Covid-19 vaccination purposes. There are other use cases being actively considered by various state governments and central government ministries and departments.