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( As on 06/12/2024 15:14)

RBI to allow small finance banks to extend credit lines through UPI

The Reserve Bank on Friday proposed to allow small finance banks to extend pre-sanctioned credit lines through Unified Payments Interface (UPI).

UPI is an instant real-time payment system developed by NPCI for transactions through mobile phones.

In September 2023, the scope of UPI was expanded by enabling pre-sanctioned credit lines to be linked through UPI and used as a funding account by commercial banks excluding Payments Banks, Small Finance Banks (SFBs) and Regional Rural Banks.