New Delhi: India's Central Bank and regulatory body Reserve Bank of India (RBI) on Friday, October 8, 2021, introduces the various developmental and regulatory policy measures which include liquidity measures; payment and settlement systems; debt management; and financial Inclusion and customer protection.

The central bank states that RBI conducted a pilot test of innovative technology which enables retail digital payments even in situations where internet connectivity is low or not available. Yes, this is the solution for which everyone is waiting for because every second person in the world faces the problem of connectivity issue. 

 
Let's see what RBI says about pilot tests:

The Three pilots were successfully conducted under the Scheme in different parts of the country during the period from September 2020 to June 2021 involving small-value transactions covering a volume of 2.41 lakh for a value of Rs. 1.16 crore. 

 

The learnings indicate that there is a scope to introduce such solutions, especially in remote areas. Given the experience gained from the pilots and the encouraging feedback, it is proposed to introduce a framework for carrying out retail digital payments in offline mode across the country.

Further detailed guidelines will be issued in due course.

 

RBI also mentioned a three-year special long-term repo operations (SLTRO) facility of Rs. 10,000 crore at the repo rate was made available to them in May 2021 to be deployed for fresh lending of up to Rs 10 lakh per borrower. This facility was made available till October 31, 2021. Recognizing the persisting uneven impact of the pandemic on small business units, micro, and small industries, and other unorganized sector entities, it has been decided to extend this facility till December 31, 2021. Further, this will now be available on tap to ensure extended support to these entities.
 

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