Page 10 - Banking Finance March 2023

RBI CORNER

sold at a green premium, or greenium, the applications for payment
Attention Subscribers
of 6 basis points (bps) compared to the aggregator licences, said that it had
10-year benchmark bond yield. The returned the application for a licence Please renew your Subscription of The
five-year green bond was sold at a pre- from 17 existing payment aggregators Insurance Times Journal to receive
mium of 5 bps when compared to the and another 40 fresh applicants. copy of the journal uninterruptedly.
yield on the similar maturity sovereign
You can now pay by GPAY, Phonepe,
bond.
Only P2P remittances un-
Paytm, Amazon, ICICI Pay, BHIM UPI
The maiden sovereign green bond
der new system: RBI
(SGrB) auction of Rs 8,000 crore held
Only person-to-person (P2P) remit-
got oversubscribed owing to robust
tances are allowed under the cross-
demand from various market partici-
border linkage between India and
pants, primarily banks.
Singapore using their respective Fast
The 5-year and 10-year green bonds
Payment Systems-Unified Payments
were issued at a premium compared
Interface (UPI) and PayNow-according
to the similar existing maturity sover-
to Reserve Bank of India.
eign regular bonds.
Such remittances should be towards
For the 10-year green bond - New GOI
the purpose of "maintenance of rela-
SGrB 2028 - the RBI received 170 com-
tives abroad" and "gift" under the
petitive bids worth Rs 19,367 crore -
liberalised remittance scheme (LRS),
nearly five times the notified amount
and the prescribed LRS limits would be
of Rs 4,000 crore. Of this, the RBI ac-
applicable, RBI said in its frequently
cepted 57 bids worth Rs 3,948.646
asked questions on the UPI-PayNow
crore.
Interlinkage.
For the 5-year green bond, 96 com-
There is a daily transaction limit of Rs.
petitive bids worth Rs 13,525 crore
were received, while the number of 60,000 in a day, equivalent to around
bids accepted were 32 worth Rs Singapore Dollar (SGD) 1,000, for un-
3,993.124 crore, the RBI said. dertaking cross-border remittance
transactions through the UPI-PayNow
RBI rejects 57 payment interlinkage, per the FAQs. Sashi Publications Easy Payment
Modes :-
apps RBI said that there is an opt in/opt out
i) UPI ID: SASHIBOOKS@KOTAK
feature in the apps of the participat-
The RBI has returned the applications
ing banks in India for receiving the re- ii) GPAY: 9830171022@okbizaxis
from four existing payment
mittances from Singapore. iii) PAYTM: 9830171022@paytm
aggregators - Freecharge, Paytm Pay-
iv) NEFT: Current A/C
ments Services, PayU and Tapits Tech- Going forward, UPI-PayNow
402120110000327 of 'SASHI
nologies - but has allowed them to re- interlinkage can be expected to cover
PUBLICATIONS PRIVATE
apply within 120 days. These four en- more banks and financial institutions in
LIMITED, Bank of India, VVK
tities can continue business as payment India, said the RBI.
Road Branch., Kolkata, India,
aggregators but cannot onboard new
Cross-border remittance transactions
merchants. IFSC Code : BKID0004021
through UPI-PayNow interlinkage can
v) Credit Card:
Payment aggregators are third parties be carried out with ease similar to how
www.sashipublications.com
who enable merchants to provide their
the domestic transactions through UPI
customers with a wide choice of pay- or PayNow take place, and the trans- For any query please call
ment instruments. 9073791022/9883398055
action can be completed within a
The RBI, which released a status list of minute, it added. www.sashipublications.com
BANKING FINANCE | MARCH | 2023 | 9