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RBI released the Framework for Small Value Offline Digital Payments

Published on January 06, 2022
Current Context: The Reserve Bank of India (RBI) has released a framework for small-value offline payment transactions which take place in digital mode.
RBI released the Framework for Small Value Offline Digital Payments
  • Offline payments can be performed using any channel or devices like cards, wallets, or mobile phones, but must be made in proximity or in face-to-face mode.
  • Offline digital payments are those payments that do not require internet or telecom connectivity.
  • The upper limit for offline payment transactions was fixed at Rs 200 and the total limit on a payment instrument is at Rs 2000.
  • There will not be a requirement for additional factors of authentication.
  • The alerts via SMS or e-mail will be received by the customers.
  • Payment instruments shall be enabled for offline transactions based on the explicit consent of the customer. Such transactions using cards shall be allowed without a requirement to switch on the contactless transaction channel.

Question: 

Q.1 As per the RBI’s framework for small-value offline payment transactions which take place in digital mode, the upper limit for offline payment transactions was fixed at ­­­­____ and the total limit on a payment instrument is at Rs 2000?
a. Rs 500
b. Rs 300
c. Rs 200
d. Rs 700
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