Category : Business and economicsPublished on: September 23 2022
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The Reserve Bank of India (RBI) Governor, Shaktikanta Das, launched three key digital payment initiatives at the Global Fintech Fest 2022.
The three digital payment initiatives that were launched by the RBI are RuPay Credit Card on Unified Payments Interface (UPI), UPI Lite, and Bharat BillPay Cross-Border Bill Payments.
Reserve Bank of India (RBI) Governor Shaktikanta Das launched the Rupay credit card on Unified Payments Interface (UPI) network.
The move is likely to expand the credit market multi-fold.
Up until now, only debit cards were allowed to be linked with UPI.
Customers of Punjab National Bank, Union Bank of India, and Indian Bank will be the first to be able to use RuPay Credit Card on UPI with BHIM App.
The RuPay credit card linked with UPI will improve penetration in rural and semi-urban areas.
