RBI expands scope of UPI by including credit lines as funding account
Reserve Bank of India (RBI) has expanded the scope of UPI by including credit lines as a funding account.
Reserve Bank of India (RBI) has expanded the scope of UPI by including credit lines as a funding account.
Under this facility, payments through a pre-sanctioned credit line issued by a scheduled commercial bank to individuals, with prior consent of the individual customer, are enabled for transactions using the UPI system, the RBI said in a statement on Monday.
Banks may, as per their board approved policy, stipulate terms and conditions for use of such credit lines.
The terms may include, among other items, credit limit, period of credit, rate of interest, etc.
(IANS)