The proposal for a principal-based authentication framework in digital payments boosts security and promotes digital financial services adoption, particularly benefiting MSMEs
Shaktikanta Das, Governor, Reserve Bank of India, today announced a number of decisions after the MPC meet. The BFSI experts have shared interesting insights on these measures:
Jose Thattil, CEO, PhiCommerce: "RBI's enhancement of the CBDC-R with programmability and offline capabilities is a game-changer, enabling precise financial transactions for government and corporate expenditures. This initiative not only bridges the digital divide but also sets a new global standard for financial inclusion and payment innovation. As we adapt to this revolutionary shift, we at PhiCommerce are excited to harness these new features, ensuring a future where financial transactions are more accessible, transparent, and tailored to specific needs. This marks a significant leap forward in our journey towards a digitally empowered economy."
PhiCommerce, recognized for launching India's first and truly comprehensive omnichannel payment platform, has been at the forefront since 2015, innovating payment solutions for large enterprises. Based in Pune, this trailblazer seamlessly integrates digital payments across all touchpoints, enabling over 600 million cards and handling 2 billion transactions yearly, all while setting industry records with capabilities of 5000 plus transactions per second.
Rohit Arora, CEO and Co-founder, Biz2Credit and Biz2X: Today's RBI MPC Meeting introduces the Key Facts Statement for retail and MSME borrowers, enhancing transparency in loan terms. This empowers borrowers with crucial information on interest rates and fees, fostering a conducive lending environment. The proposal for a principal-based authentication framework in digital payments boosts security and promotes digital financial services adoption, particularly benefiting MSMEs. At Biz2X, we acknowledge these initiatives' importance in driving financial inclusion and supporting MSME growth. Meanwhile, the decision to maintain the repo rate at 6.5% reflects cautious economic management amidst uncertainties. With real GDP projected at 7%, we anticipate a positive trajectory for India Inc., remaining committed to supporting growth while navigating economic dynamics.
