UPI Payments: The Reserve Bank of India has made such a plan, so that even if you do not have money in your account, you can make payments from UPI through pre-section credit line.
Reserve Bank Of India: The Reserve Bank of India had made several big announcements in the meeting of the Monetary Policy Committee. Out of this, it has been announced to operate pre-section credit line in banks through Unified Payment Interface. This is such a system that even if you do not have money in your account, you will be able to make payments. However, you have to link your account with UPI.
Announcing this, Reserve Bank Governor Shaktikanta Das said that after the implementation of this new proposal, innovation will be encouraged. UPI has changed the way of payment in India. Various steps have also been taken for strengthening UPI to develop n products and features from time to time. Apart from this, permission has been given to link Rupay credit card with UPI.
How will the method of payment change with the new plan?
Till now payment from UPI can be done by linking it directly to the bank account. At the same time, payment can also be made using wallet with the help of payment app. Apart from this, payment can also be made through RuPay Credit Card. However, now with the new announcement of RBI, there will be another big relief regarding payment.
Payment will be done even if there is no bank deposit
After the implementation of this proposal of RBI, customers will be able to make UPI payments from their bank deposits as well as from pre-approved credits. In simple language, through the UPI network, customers will be able to use the credit given by the banks for payment as well. The facility of credit line on UPI will make the point-of-purchase experience better and easier for the customers. RBI will also issue detailed information on this.
What is UPI Credit Line?
After the announcement of the credit policy, Deputy Governor T Ravi Shankar said that this will give people an opportunity to do transactions through UPI by reducing the number of credit cards. Customers will be able to use the credit line of the bank through UPI.
