UPI Payment: There has been a significant increase in UPI payments in the month of August. Meanwhile, an important announcement has been made by the Reserve Bank of India (RBI), its impact will also be visible on the customers.
In fact, RBI has also announced to include pre-sanctioned credit lines issued by banks for transactions in the UPI system. This will also benefit the customers.
UPI payment
Till now, only deposits could be transacted 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 transfer from already approved loan facility in banks. At present, 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 ‘Operationalization of pre-sanctioned loan facility in banks through UPI’. Many things have been said in this through RBI. Through RBI, it has been said that loan facility has also been included in the scope of UPI. The Reserve Bank said, ‘Under this facility, payment can be made through pre-approved loan facility issued to individuals through scheduled commercial banks with the prior consent of the individual customer.’
UPI transaction
According to the central bank, this can reduce costs and help in the development of unique products for the Indian market. Transactions on UPI, used for instant money transfer round the clock through mobile devices, crossed the 10 billion mark in August. The UPI transaction figure in July was 9.96 billion. At the same time, UPI payments are expected to increase further in the coming days.
