Business & Finance
Business and Finance
Business and Finance
Fri, December 6, 2024
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RBI proposes credit line access on UPI for Small Finance Banks
- RBI proposes SFBs offer credit lines on UPI, forms FREE-AI committee for responsible AI framework in finance sector.
The Reserve Bank of India (RBI) has proposed allowing small finance banks to offer pre-approved credit lines through the Unified Payments Interface (UPI), aiming to enhance financial inclusion and provide easier access to credit for small borrowers. This initiative would enable customers to use their pre-sanctioned credit limits for transactions via UPI, similar to using a credit card. The proposal was discussed during the RBI's Monetary Policy Committee meeting, where it was highlighted that this move could significantly benefit small finance banks by expanding their customer base and offering more flexible financial services. The integration of credit lines with UPI is part of a broader strategy to leverage technology for improving credit availability, especially in underbanked regions, and to foster digital payment solutions across India.
Read the Full Business Line Article at:
[ https://www.thehindubusinessline.com/money-and-banking/rbi-proposes-credit-line-access-on-upi-for-small-finance-banks/article68954867.ece ]
Read the Full Business Line Article at:
[ https://www.thehindubusinessline.com/money-and-banking/rbi-proposes-credit-line-access-on-upi-for-small-finance-banks/article68954867.ece ]
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