RBI Decision on UPI Payments: The Reserve Bank of India has allowed the operation of pre-sanctioned credit lines in banks through the Unified Payments Interface ie UPI. RBI Governor Shaktikanta Das made this announcement during the meeting of the Monitoring Policy Committee.
After the RBI meeting on Thursday i.e. April 6, Governor Shaktikanta Das said that the scope of UPI will be increased by allowing the operation of pre-sanctioned credit lines in banks. This will encourage innovation and increase access to credit for customers. RBI will issue detailed information about this later.
UPI payment facility under pre-sanctioned credit line
Currently transfers are done through deposits in UPI bank accounts. Along with this, money transactions are also done under wallet and pre-paid. At the same time, payment has also been allowed through Rupay credit card and now it has been proposed to increase the scope of UPI with the help of operation of pre-sectioned credit line. In other words, under the credit line, the facility of financial payment will be provided from UPI network banks.
Easy access to credit
RBI said that under this it can help in the development of some unique products of India. Along with this, its costs will also come down. RBI said that detailed guidelines will be issued later. Experts believe that this will make it easier for customers to access credit. Along with this, innovation and development will also be encouraged.
No change in repo rate
The Reserve Bank of India did not increase the repo rate in the first monetary policy meeting before the financial year 2024, which means that people have got relief from expensive loans. At the same time, from expanding the scope of UPI to unclaim portal and message alerts for CIBIL score, facilities have been introduced.