The Reserve Bank of India has proposed to expand the scope of the Unified Payments Interface by enabling transfers on the network from pre-sanctioned credit lines at banks.
The UPI network will be able to facilitate payments financed by credit from banks, the RBI said in a press statement regarding the proposed change.
-
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI -
"I Am A Material Man In A Material World': Quantum Advisors' Ajit Dayal On NDTV Profit Ignite
"This initiative will further encourage innovation," RBI Governor Shaktikanta Das noted in his statement, following the monetary policy committee meeting on Thursday.
The linkage of UPI with bank credit lines can reduce the cost of such offerings and also help in the development of unique products for Indian markets, the RBI said. "Detailed instructions in this regard will be issued separately."
The move to link UPI with credit lines from banks follows the linkage of Rupay credit cards with the payments network, which was permitted by the RBI in June 2022. The linkage of UPI with Rupay credit cards is in addition to the main facility of linking UPI with deposit accounts.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.