Current Affairs - Banking - Discussion

The Reserve Bank of India has barred Payment System Operators (PSOs) from launching any new proprietary QR code for payment transactions. Currently, there are two interoperable QR codes - UPI QR and Bharat QR. The decision to continue with the two existing Quick Response (QR) codes was based on the recommendations of the committee which was set up by the Reserve Bank under the chairmanship of Deepak Phatak to review the current system of such codes in India and suggest measures for moving towards interoperable QR codes.