RBI Policy
RBI allows small finance banks to extend credit lines on UPI
This story was originally published at 12:39 IST on 6 December 2024
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--RBI: Small finance bks can now extend pre-sanctioned credit lines via UPI
MUMBAI – Small Finance Banks can now extend pre-sanctioned credit lines through the Unified Payments Interface, Reserve Bank of India Governor Shaktikanta Das said in the monetary policy statement Friday. Earlier, this facility was allowed only for scheduled commercial banks.
Das said that the initiative has been taken to further deepen financial inclusion and enhance formal credit, particularly for 'new to credit' customers.
Credit line on Unified Payments Interface was introduced in September 2023 and it enabled individuals and small business owners to obtain pre-sanctioned credit lines from banks, which could be used immediately for transactions through the Unified Payments Interface. End
Reported by Christina Titus
Edited by Avishek Dutta
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