compromise settlements and technical writeoffs which will now be applicable to all regulated entities including cooperative banks further it is also proposed to rationalise the extant prudential norms on restructuring of borrower accounts affected by natural calamitiesdefault loss guarantee arrangement in digital lending24 the reserve bank had issued the regulatory framework for digital lending in augustseptember 2022 with a view to further promoting responsible innovation and prudent risk management it has been decided to issue guidelines on default loss guarantee arrangements in digital lending this will further facilitate orderly development of the digital lending ecosystem and enhance credit penetration in the economypriority sector lending psl targets for primary urban cooperative banks ucbs25 the reserve bank has undertaken several initiatives in recent years to strengthen the ucb sector as well as to deepen financial inclusion such initiatives include revision of the priority sector lending targets for ucbs in 2020 while revising the psl targets a glide path up to march 2024 was provided for a nondisruptive transition to achieve the revised targets while a number of ucbs have met the required milestones as of march 2023 a need has arisen to ease the implementation challenges faced by other ucbs it has therefore been decided to extend the timelines for achieving the targets by two more years up to march 2026 further ucbs which have met the targets as on march 31 2023 shall be suitably incentivisedrationalisation of licensing framework for authorised persons aps under foreign exchange management act fema 199926 the licensing framework for authorised persons aps issued under fema was last reviewed in march 2006 keeping in view the developments including progressive liberalisation under fema over the last several years and to effectively meet the emerging requirements of the rapidly growing indian economy it has been decided to rationalise and simplify the licensing framework for aps this is expected to improve the efficiency in the delivery of foreign exchange facilities to various segments of users including common persons tourists and businessesexpanding the scope and reach of erupi vouchers27 at present purposespecific erupi digital vouchers are issued by banks it is now proposed to expand the scope and reach of erupi vouchers by i permitting nonbank prepaid payment instruments ppi issuers to issue erupi vouchers ii enabling issuance of erupi vouchers on behalf of individuals and iii simplifying the process of issuance redemption etc these measures will make the benefits of erupi digital voucher accessible to a wider set of users and further deepen the penetration of digital payments in the countrystreamlining the bharat bill payment system bbps processes and membership criteriathe bharat bill payment system bbps is operational since august 2017 the scope of bbps was further expanded in december 2022 to further enhance the efficiency of the bbps system and to encourage greater participation it is proposed to streamline the process flow of transactions and membership criteria for operating units internationalising issuance and acceptance of rupay cards29 rupay debit and credit cards issued by banks in india are gaining