RBI Broadens UPI Scope to Include Credit Lines as Funding Source:
The Reserve Bank of India has broadened the UPI’s reach by incorporating credit lines as an eligible funding source.
This enhancement allows for transactions via the UPI system using pre-approved credit lines issued by scheduled commercial banks to individual customers, provided the customer has given prior consent, according to a statement released by the Reserve Bank of Indi on Monday.
Banks have the flexibility, in line with their board-approved policies, to define the terms and conditions governing the utilization of these credit lines.
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