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Updated: for web and print:
The limit on the e-RUPI digital voucher will now be increased to ₹1 lakh from the current cap of ₹10,000. This was announced by Reserve Bank of India Governor Shaktikanta Das on Thursday in his statement following the Monetary Policy meeting.
“It is now proposed to increase the cap of e-RUPI vouchers issued by the Central government and State governments from ₹10,000 to ₹1,00,000 per voucher and permit such e-RUPI vouchers to be used more than once (until the amount of the voucher is completely redeemed),” he said.
The move will further facilitate the delivery of various government schemes to the beneficiaries more efficiently, he added. The e-RUPI prepaid digital voucher, developed by the National Payments Corporation of India (NPCI), was launched in August 2021 and runs on the UPI platform. It is a person-specific and purpose specific cashless voucher and can be used by individuals, corporates or governments. At present, it used largely for Covid vaccination purposes.
Experts said the move could help expand the scope of e-RUPI vouchers.
“The scope of application of e-Rupi vouchers expands and deepens significantly across the board – be it targeted delivery of benefits or assistance to SMEs, medical benefits to citizens, or corporates offering benefits to employees. This also has the potential to make inroads into certain areas addressed by gift-cards,” said Harish Prasad, Head Of Banking, India, FIS.
Dilip Modi, Founder, Spice Money said the move to allow the use of e-RUPI vouchers multiple times will help in addressing the challenges faced by the rural population including low internet penetration and provide safe and secure payment solutions.
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