Adarsh Credit Cooperative Society welcomes RBI's move to open up Unified Payments Interface (UPI)

On March 20, 2017, The Reserve Bank of India announced its policy of making digital wallets interoperable through the Unified Payments Interface (UPI) platform, which works under the part of Government’s digitisation programme. As per the reports issued by RBI, it is yet has to prescribe guidelines on interoperability of the wallets, and “Know Your Customers,” norms which will make it an easy for the banks to communicate with its customers and serve them at their level best.

Interoperability allows direct money transfers from one digital wallet provider to other digital wallet providers without having to go through the traditional way of banking. Adarsh Credit Cooperative Society’s Money Mobile Application platform - Adarsh Money, has already joined hands with Oxigen digital wallet and is powered by strong technology and innovation. This partnership is aimed at bringing more people to the digital system, thereby promoting digitization in India. Despite false allegations on Adarsh Credit Co-Operative Society ltd to be involved in scandals related to corruption. Mukesh Modi, Founder and Mentor of Adarsh Credit Cooperative Society has always worked to serve the best interest of its members and such false allegations would not work in favour to disturb the loyalty of its members towards Adarsh Credit Cooperative Society.

The proposed guidelines for Unified Payments Interface platform is also predicted to help Adarsh Credit Co-operative Society Ltd to look over the complaints and queries registered by the members, and to provide the members with valuable solutions. Adarsh Credit Co-Operative Society ltd reviews this move by the RBI as much needed step in bringing India on a Digital platform.

According to Adarsh Credit Cooperative Society, proposed RBI guidelines on UPI will enable the growth of the mobile banking, e-commerce and online payments which will eventually cease out the need of using paper money and will promote cashless transactions which will lower the corruption in the country.