Now you will get loan through UPI in a jiffy, RBI made a big announcement

In the month of April, in the monetary policy meeting, RBI had proposed to add credit line to UPI to expand its scope. On which RBI has given guidelines to all the banks.

Now you will not need to go to the bank or login through net banking to take a loan. You will get the loan facility through your own UPI. For this, RBI has given guidelines to the banks. RBI has asked all the banks of the country to give pre-sanctioned loans to the customers on the Unified Payment Interface ie UPI. The main objective of this decision of RBI is to increase the scope of UPI payment system. Let us also tell you what has been said by RBI about this.

So as to increase the scope of UPI

Reserve Bank of India said in its statement that at present saving account, overdraft account, prepaid wallet and credit card can be linked to UPI. Now its scope is being expanded further. UPI is now being expanded to include credit lines as funding accounts. RBI said that under this facility, payment through pre-sanctioned loans issued by scheduled commercial banks to individual customers with prior consent, transactions will be enabled using the UPI system.

Bank must first take approval from the board

On the other hand, before implementing this process, all banks will have to make a policy and take approval from their board. How much loan can be given under this policy? To whom it can be given. What will be the tenure of the loan. Also, how much interest will be charged against the loan. All these things will be decided. After that the process of giving loan will be started. On 6 April, the central bank during its monetary policy meeting proposed to allow payments through transfer of pre-approved credit lines on behalf of banks. Its purpose was to increase the scope of UPI.

Record UPI transaction took place in August

On September 1, according to the National Payments Corporation of India, UPI crossed 10 billion transactions in a month for the first time in August. As of August 30, UPI reported 10.24 billion transactions during the month, valued at Rs 15.18 lakh crore. There were 9.96 billion transactions on the UPI platform in July. During the month of August, there were approximately 330 million transactions per day through UPI.