In the month of August, there was a noticeable growth in UPI payments. The RBI has issued a significant statement that will also have an impact on customers. In reality, the RBI has stated that it will also include Pre-Sanctioned Credit Lines given by banks for UPI system transactions. Customers will gain from this as well.
UPI transfer
Only deposits could previously be made via the UPI system. In April, the central bank made a proposal to broaden the application of the Unified Payments Interface (UPI). It was said this was to allow transfers from lending facilities in banks that have previously received approval. Currently, UPI can be linked to savings accounts, overdraft accounts, prepaid wallets, and credit cards.
Reserve Bank made a crucial statement
A circular on the “Operation of Pre-Approved Loan Facility in Banks through UPI” has also been released by the Reserve Bank. In this case, through RBI, many things have been mentioned. Through the RBI, a key point was made regarding the inclusion of lending facilities within the purview of UPI. According to the Reserve Bank, with the individual customer’s prior approval, payment may be made using a pre-approved lending facility provided to individuals by a scheduled commercial bank.
The UPI Transaction
The central bank claims that this can lower costs and aid in the creation of distinctive products for the Indian marketplace. In August, UPI transactions, which allow for round-the-clock, rapid money transfers via mobile devices, surpassed the 10 billion milestone. 9.96 billion UPI transactions were made in July. In the upcoming days, it is anticipated that UPI payments will rise even more.
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