The Reserve Bank of India has barred Payment System Operators (PSOs) from launching any new proprietary QR code for cost transactions. Currently, there are two interoperable QR codes — UPI QR and Bharat QR.
The resolution to proceed with the 2 current Quick Response (QR) codes was based mostly on the suggestions of the committee which was arrange by the Reserve Bank underneath the chairmanship of Deepak Phatak to evaluation the present system of such codes in India and counsel measures for transferring in direction of interoperable QR codes.
QR codes are two-dimensional machine-readable barcodes, that are more and more used to facilitate cellular funds on the point-of-sale. QR codes can retailer a considerable amount of info. PSOs that use proprietary QR codes shall shift to a number of interoperable QR codes; the method of migration shall be accomplished by March 31, 2022.
Important takeaways for all aggressive exams:
- Governor of RBI: Shaktikanta Das.
- Deputy Governors of RBI: BP Kanungo, MK Jain, MD Patra and Rajeshwar Rao.
- Headquarters: Mumbai, Maharashtra.
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