Expanding the scope of Unified Payments Interface (UPI), the Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said pre-sanctioned credit lines at banks through the former will be allowed.
"It is now proposed to expand the scope of UPI by permitting operation of pre-sanctioned credit lines at banks through the UPI. This initiative will further encourage innovation," Das said.According to him, the UPI has transformed retail payments in India and its robustness has been leveraged to develop new products and features from time to time.
Das said recently, RuPay credit cards were permitted to be linked to UPI. This was in addition to the existing facility of linkage of UPI with deposit accounts.