The Hindu Editorial Analysis
The Importance of Reading The Hindu Editorial: Reading The Hindu newspaper has several benefits, including improving reading skills, facilitating comprehension, staying informed of current events, enhancing essay writing, and more. For individuals aiming for a career in banking, reading editorials is crucial for vocabulary building. In this article, we will examine today’s editorials, provide practice questions, and highlight important vocabulary words.
UPI extension.
- The UPI system may be extended to Mauritius,UAE and Indonesia.
- After Singapore talks,the RBI is making decisions with other countries also for launching the UPI system including UAE, Mauritius and Indonesia.
- For establishing a direct payment link of the unified payments interface(UPI) with networks in these countries to enable quicker and cheaper fund transfers using mobile phones.
- A senior RBI officer told reporters on the sidelines of the meeting of G20 finance ministers and Central Bank governor that some Latin American countries have also shown interest.
- The Central Bank is showcasing UPI and the central bank digital currency(CBDC) or the digital rupee ,to delegates at the event and also allowing foreigners to use UPI.
- The regulator and the government are keen to expand UPI payment links to aid fund transfers and do away with the high costs charged by banks and reduce the time taken.
- The move is seen to be especially beneficial for the Indian diaspora.
- The RBI official said use of UPI for non-resident Indians will also be operationalised next month,which will allow the use of the tool through international phone numbers.
- RBI officials said that the central bank is trying to significantly ramp up the pilot to cover as many cases as possible in a closed user group.
- On the retail side, pilots are going on in several cities and the RBI is now looking to expand to more areas and include more banks.
- “It was not intended to move banks and others away from the existing negotiated dealing system gilt order matching system that is there.
- We are now looking at using a wholesale CBDC on distributed ledger for other use cases ,could be money.
Practice Questions:
- What type of decision is made by the RBI with the other countries?
- Why the expansion of UPI to other countries could be beneficial for India?
Important Vocabs:
- Gilt- a thin covering of gold
- Diaspora- movement of people away from their own country
- Delegate- person who has been chosen to speak
- Interface- the way a computer program presents information to
- Ledger- a book in which a company, bank, etc
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