The Reserve Bank of India (RBI) introduced new rules that brought relief to borrowers and financial markets to handle the disruption caused by the Coronavirus pandemic (COVID-19). The pandemic has also stalled numerous businesses.
As per RBI, all Indian Banks were asked to allow a three-month moratorium by deferring payment of EMI/ loan Instalments, loan interest rates. This helped the loan borrowers as they won’t be charged for payment default due to the current lockdown. As a payment default will have a negative effect on their credit score and credit history ultimately inviting problems for future loan applications.
The National Payment Corporation of India (NPCI) also urged Indians to use digital payments, taking examples of using NEFT, IMPS and UPI as a way to minimize social contact to carry out transactions. Many banks were advised accordingly to promote online transactions through the UPI app or other payment apps. The Reserve Bank of India (RBI) in a separate notice further stated that the fallout of COVID-19 can be limited by avoiding social contact and visiting public places. The public can make use of these modes of online payment from the comfort of their homes through online channels like mobile banking, internet banking, cards, etc. and practice germ-free transactions.
The risk of physical cash transactions
Physical cash handling is being considered a major cause of concern for the risk of contamination. Moreover, contactless payments could be the way ahead and payment modes like UPI, IMPS, RTGS, Mobile wallets and Net banking could contribute effectively in reducing human interactions during the pandemic outbreak. The digital payment method helps to avoid using cash which may require you to go out in crowded places to send money or pay bills. Hence, it’s best to switch to digital payment methods to stay protected until the pandemic situation gets under control.
The infrastructure will contribute to the additional load and challenges on the United Payments Interface (UPI) platform, as more and more users are tapping into the benefits, ease, and safety of digital transactions. NPCI and the other State governments are ensuring that more and more vendors of essential services are on the digital platforms. For vendors and merchants, they have fast-tracked the onboarding system on UPI or UPI-QR to make it totally contactless and fully online. Vendors do not have to compromise on self-isolation guidelines to carry out these essential tasks. Vendors and merchants can be safe at the same time serve society and provide essential services. Consumers can use UPI apps to pay for essential services and transfer money digitally without the risk of physical contact.
Make use of Digital Payment Apps
There are numerous digital payments apps available in the market that have made it easier to make payments and transfer money keeping in mind the recommended six feet of separation between strangers in public. Apps like the Finserv MARKETS app have an easy app interface. You can pay your bills, transfer money online to help your loved ones with the pandemic situation. This app has a smooth app interface where you can pay your bills, and make online transactions with ease. The app offers Personalized choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers where you can shop for a wide range of lifestyle products.
Even if you plan on getting a loan through the Finserv MARKETS app. The online application process for the same is quite convenient and their personal loans require minimal documentation which makes it an ideal choice for getting a loan at attractive personal loan interest rates. The app also offers insurance plans to ensure you & your family’s well-being with Health, Life, Accident, Travel & a wide array of insurance plans. The Finserv MARKETS app also offers a friendly BOT – YARA, that offers prompt & non-stop assistance if you have an account and payment related queries.