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Below the quote on announcements from the RBI's Monetary Policy Meeting by Mr. Dilip Modi, Founder, Spice Money

“We want to applaud the Reserve Bank of India for its forward-thinking approach and congratulate the regulatory body on completing its 90th anniversary earlier this week. The RBI has consistently led the way in guiding India's economy towards stability.

RBI’s announcement to expand the access of UPI for Prepaid Payment Instruments (PPIs) through third-party applications, during the MPC meeting held today is a significant step towards financial inclusion. It grants PPI users the ability to seamlessly integrate their accounts with a wide range of UPI-enabled services, mirroring the convenience and flexibility traditionally reserved for standard bank account holders. This will not only simplify the payment process for PPI users but also open up a plethora of digital payment opportunities previously inaccessible to them, further enhancing customer convenience and boosting the adoption of digital payments, especially among small businesses. This move helps further Spice Money's mission to extend digital payment and financial services to nanopreneurs and customers in rural and semi-urban India.

Furthermore, we appreciate the RBI's ongoing efforts to simplify regulations and reduce compliance burdens. These initiatives not only demonstrate the regulator's commitment to enhancing the ease of doing business in the fintech sector but also pave the way for greater innovation and growth opportunities.”

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