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RBI allows Small Finance Banks to give Credit on UPI
The Statesman
|December 07, 2024
The Reserve Bank of India (RBI) on Friday decided to expand the scope of pre-sanctioned credit lines on UPI to the Small Finance Banks (SFBs).
Governor Shaktikanta Das, while announcing the Monetary Policy Committee (MPC) decision, said it is proposed to permit SFBs to extend pre-sanctioned credit lines through the UPI.
He believed that the credit line on UPI has the potential to make available low-ticket, low-tenor products to 'new-to-credit' customers.
The Governor said the SFBs leverage a high-tech, low-cost model to reach the last mile customer and can play an enabling role in expanding the reach of credit on UPI.
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