RBI to allow small finance banks to extend credit lines through UPI

Daily Current Affairs / RBI to allow small finance banks to extend credit lines through UPI

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Category : Business and economics Published on: December 10 2024

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The Reserve Bank of India (RBI) allowed small finance banks to offer pre-approved credit lines through the Unified Payments Interface (UPI).
Earlier, only scheduled commercial banks were allowed to offer pre-approved line of credit on major payment platforms.
This initiative will increase financial inclusion and increase formal loans, especially for 'new loan' customers.

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RBI to allow small finance banks to extend credit lines through UPI