Technology has made our lives very easy, especially in terms of banking and shopping. Today we can make payments from anywhere with the help of Unified Payment Interface (UPI).
But sometimes it happens that there is no money in your bank account, due to which you are unable to make important payments. The solution to this problem is the UPI Credit Line platform, which was introduced by the Reserve Bank of India last year.
Reserve Bank launches credit line facility
Reserve Bank of India has allowed giving credit line to customers through UPI. This service will be monitored by National Payment Corporation of India (NPCI). Many banks like Axis, HDFC, ICICI, Indian Bank and PNB are working on this facility.
Under the upi credit line, users get a fixed credit amount, which they can use whenever needed. This will reduce people’s dependence on credit cards.
How to activate upi credit line?
To activate UPI credit line, you have to apply at your bank branch or through UPI app. At the time of application, you have to give information about your annual income and also submit the necessary documents.
Important points:
-The applicant must be at least 18 years of age.
-It is mandatory to have Aadhar and PAN card.
-Once the credit limit is set by the bank, you can link it in your UPI app.
-After linking to UPI, you can take advantage of this credit line facility. Keep in mind that to make credit transactions through UPI app, you will have to set a separate UPI PIN.
Through upi credit line facility, you can make necessary payments even without balance, which will strengthen your financial position even more.
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