RBI’s big announcement, users of UPI should be alerted; approved this item

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UPI Payment: There has been a significant increase in UPI payment in the month of August. Meanwhile, an important announcement has been made by the Reserve Bank of India (RBI), whose effect will be seen on the customers as well.

In fact, RBI has also announced the inclusion of pre-approved credit lines issued by banks for transactions in the UPI system. This will also benefit the customers.

UPI Payment

Till now, only deposit transactions could be done through the UPI system. The central bank had proposed to expand the scope of Unified Payments Interface (UPI) in April. Under this, it was said to approve the transfer from the already approved loan facility in the banks. Currently, savings accounts, overdraft accounts, prepaid wallets and credit cards can be linked to UPI.

Reserve Bank said important thing

The Reserve Bank has also issued a circular on ‘Operation of pre-sanctioned loan facility in banks through UPI’. Many things have been said in this through RBI. It has been said through RBI that loan facility has also been included in the scope of UPI. “Under this facility, payments can be made through pre-approved credit facilities issued to individuals through scheduled commercial banks with the prior consent of the individual customer,” the Reserve Bank said.

UPI Transaction

According to the central bank, this could reduce costs and help in the development of unique products for the Indian market. Transactions on UPI, used for instant money transfers round the clock through mobile devices, crossed the 10 billion mark in August. The UPI transaction figure stood at 9.96 billion in July. At the same time, UPI payments are expected to increase further in the coming days.

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