New Delhi: The Reserve Bank of India has come up with a scheme where you can make payments through UPI through pre-section credit lines even if you do not have money in your account. In a meeting, the Reserve Bank (RBI) made several big announcements. One of these is the announcement to operate pre-section credit lines between banks through the Unified Payments Interface. This is a system where you can make payments even when there is no money in your account. However, you need to link your account with UPI.
RBI Governor Shaktikanta Das announced
Announcing this, RBI Governor Shaktikanta Das said that after the implementation of this new proposal, innovation will get a boost. UPI has changed the way we make payments in India. Several steps have been taken to strengthen UPI to evolve products and features over time. In addition, linking of RuPay credit cards with UPI is allowed.
The payment method will change
Till now payment could be made through UPI directly by linking the bank account. At the same time, payment can also be done using a wallet with the help of payment apps. 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. After the implementation of this proposal of RBI, customers will be able to make UPI payments from their bank deposits as well as pre-approved credits. Simply put, through the UPI network, customers will also be able to use the credit given by banks for payment. The credit line facility on UPI will make the point of purchase better and easier for customers. RBI will also issue detailed information in this regard. After the announcement of the credit policy, RBI Deputy Governor T Ravi Shankar said that this will give people an opportunity to reduce the number of credit cards and transact through UPI. Customers will be able to avail of the credit line of the bank through UPI.
