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

Change Language English Hindi

Category : Business and economics Published on: December 10 2024

Share on facebook

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.