The Ministry of Statistics and Programme Implementation, India's headline retail inflation rate eased to 7.04 percent in May from April's near-eight-year high of 7.79 percent thanks to a favourable base effect.
The Reserve Bank of India raised the Additional Factor of Authentication (AFA) limit from Rs. 5,000 to Rs 15,000 per transaction for e-mandates on cards, Prepaid Payment Instruments (PPIs) and UPI for recurring transactions.
India's digital payments market is at an inflection point and is expected to increase more than threefold from the current US$3 trillion to US$10 trillion by 2026.
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