With this decision of RBI, small entrepreneurs and businessmen in villages and towns will also get the facility of loans at affordable interest rates.

New customers will start joining the bank

This is good news for small finance banks and getting loans through UPI (Credit Line on UPI) will open new business avenues for these banks. Many small finance banks (SFBs) like AU Bank have already started giving loans through credit cards. Now new customers will also start joining the banks with this easy method.

Now there is no problem in getting financial help

Loan facility will reach more and more people through UPI. This also makes the transaction between bank and customer very easy. Along with promoting economic development, those deprived communities of the society also get the facility of financial assistance when needed. In such a situation, due to this facility, they will no longer have any problem in starting their work or business on a small scale, which will open new avenues of economic development along with financial activities in the market. New employment opportunities will open up.

These businessmen will get a lot of help

Small Finance Banks in India are a category of banks that have been created to provide basic banking services to small businessmen, small and cottage industries. These banks are governed by the Reserve Bank of India (RBI) under the Banking Regulation Act, 1949. They receive licenses from RBI.

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The post Good news! RBI took a big decision, now you can get loan from these banks through UPI first appeared on Rightsofemployees.com.

Now you will be able to make UPI payment even if there is no money in your bank account. For this, the National Payment Corporation of India (NPCI) announced the facility of Credit Line on UPI at the Global Fintech Fest. Currently this facility is live with select banks and select UPI apps.

The Reserve Bank of India (RBI) had also announced the inclusion of pre-sanctioned credit lines issued by banks in the UPI system for transactions. Currently savings account, overdraft account, prepaid wallet and Rupay credit card can be linked to the UPI system

UPI facility was started in the year 2016.

UPI payment system was started in the year 2016. The UPI system is operated by the National Payment Corporation of India (NPCI). UPI is a real time payment system. To send money to someone, you only need his mobile number, account number or UPI ID or UPI QR code. You can do 24×7 banking through the UPI app. For online shopping through UPI, OTP, CVV code, card number, expiry date etc. are not required.

Launching Credit Line on UPI at #GFF2023.

Conquering everyday dilemmas and making dreams come true. Ab India nahi rukega, Credit Line on UPI chalega.#NPCIGFF2023 #GFF2023 @IAMAIForum @pciupdates @fccupdates @gff_2023 pic.twitter.com/5OHs7OdTDu

— NPCI (@NPCI_NPCI) September 6, 2023

More than 10 billion transactions done through UPI in August

The number of transactions through UPI has crossed 10 billion in August. Recently NPCI had given this information. According to NCPI data, on August 30, the number of UPI transactions reached 10.24 billion. The value of these transactions was Rs 15,18,456.4 crore. The number of UPI transactions in July was 9.96 billion while in June it was 9.33 billion.

The post Credit Line On UPI: NPCI launches new UPI features to achieve 100 bn monthly transactions, Details here first appeared on Rightsofemployees.com.