Monday, May 20, 2024

Pre-sanctioned credit lines at banks can be transferred using UPI

To further support the growth of the United Payment Interface (UPI), the Reserve Bank of India (RBI) has now proposed to expand the scope of UPI by enabling transfer to/from pre-sanctioned credit lines at banks in addition to deposit accounts.

“In other words, UPI network will facilitate payments financed by credit by banks. This can reduce the cost of such offerings and help in development of unique products for the Indian markets,” RBI Governor Shaktikanta Das said in his statement on Developmental and Regulatory policies.

He said UPI is a robust payment platform supporting an array of features. Presently it handles 75% of the retail digital payment volume in India. The UPI system has been leveraged to develop products and features aligned to India’s payment digitisation goals.

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