RBI INCREASES CAP ON E-RUPI VOUCHERS

Why in news?

• The Reserve Bank of India (RBI) on increased the cap on e-RUPI vouchers issued by the central and state governments from the existing Rs 10,000 to Rs 1,00,000 per voucher.
• The central bank has also permitted such e-RUPI vouchers to be used more than once until the amount of the voucher is completely redeemed.

About e-Rupi Digital Voucher

• The e-RUPI is a prepaid digital voucher, which a beneficiary gets on his phone in form of an SMS or QR code, to facilitate cashless payment for various services like donations, corporate gift vouchers, etc.
• It is developed by the National Payments Corporation of India (NPCI) and was launched in August 2021.
• It allows users to redeem voucher without a card, digital payments app or internet banking access.
• It does not require beneficiaries to have a bank account and works on basic phones.