Pre-sanctioned credit lines at banks through UPI: RBI

Expanding the scope of Unified Payments Interface (UPI), the Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday mentioned pre-sanctioned credit lines at banks through the previous can be allowed.

“It is now proposed to increase the scope of UPI by allowing operation of pre-sanctioned credit lines at banks through the UPI. This initiative will additional encourage innovation,” Das mentioned.

According to him, the UPI has remodeled retail funds in India and its robustness has been leveraged to develop new merchandise and options every so often.

Das mentioned just lately, RuPay credit playing cards have been permitted to be linked to UPI. This was along with the present facility of linkage of UPI with deposit accounts.

(With inputs from IANS)