UPI: Reserve Bank has given a great facility, now you will be able to do UPI transactions through pre-approved loans as well.

UPI New Facility: The scope of UPI transactions is continuously increasing in the country and the facilities related to it are also increasing. Now another new facility has been added in this scope. The Reserve Bank of India on Monday said that from now on, pre-sanctioned or pre-approved loans or credit lines are also being included in the Unified Payments Interface (UPI) system. 

Customers will get huge benefit – RBI

Till now only deposits could be transacted through the UPI system and currently savings accounts, overdraft accounts, prepaid wallets and credit cards can be linked to UPI. However, the Reserve Bank of India (RBI) has announced that by including pre-approved loan facility issued by banks for transactions in the UPI system, customers will get a big benefit. According to the country’s central bank, this could also reduce the cost of UPI and help in the development of unique products for the Indian market.

RBI proposed to expand the scope of UPI in April

The Reserve Bank had proposed to increase the scope of Unified Payments Interface (UPI) in April. Under this, it was said to approve the transfer or transfer from the already approved loan facility in the banks. This means that transfers from pre-approved loan facilities can also be made and fund transfers can also be taken.

How will this work

RBI informed that under this facility, a scheduled commercial bank gets the facility to issue credit to the customer through a pre-approved loan. However, it is a condition that the permission of the customer has already been taken for this. Transactions can be done through such funds under the UPI system.

UPI transactions cross 10 billion in August

Transactions from UPI have crossed the 10 billion mark in August and the UPI transaction figure stood at 9.96 billion in July. Expressing happiness about this, Reserve Bank of India Governor Shaktikanta Das said that UPI has become the backbone of digital payments in India. Through UPI, lakhs of people who did not even have banking facilities were able to connect with the formal financial system.

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