Quote by Mr. Avinash Godkhindi, MD & CEO of Zaggle
“While the RBI continues to maintain its hawkish tone on inflationary expectations, RBI’s repo rate hike by 35 basis points was on expected lines. Despite the RBI slashing FY23 GDP projections from 7% to 6.8%, Indian economy remains resilient and is still among the fastest growing major economies in the world. The global environment remains challenging, however we are confident about India growth story given the relatively strong macro fundamentals, traction in investment activity, robust financial system, healthier banks and corporate India. Broader policymakers support to the Indian startup ecosystem is another positive.
The success of UPI has been outstanding and praised globally and UPI has emerged as one of the most popular retail payment system in India. RBI’s decision to further enhance UPI by introducing a single-block-and-multiple-debits functionality will further boost the digital payments infrastructure in the country. This will significantly enhance the ease of making payments in e-commerce space and building higher trust in transactions as merchants can be assured of timely payments while the funds remain in the customer’s account till actual delivery of goods or services. Further the RBI has enhanced scope of Bharat Bill Payment System (BBPS) to include all categories of payments and collections, both recurring and non-recurring in nature. With this, the platform has now become accessible to wider set of individuals and businesses who can now benefit with faster fund access and improved efficiency. This will make the entire payments experience transparent and will lead to robustness and growth of India’s payment infrastructure”