Operation of Pre-Sanctioned Credit Lines at Banks through Unified Payments Interface (UPI)

Last updated: 05 September 2023
Quick Summary
The Reserve Bank of India has announced a significant expansion of the Unified Payments Interface (UPI) system. Customers can now make payments directly from pre-sanctioned credit lines offered by scheduled commercial banks. This facility allows for transactions using these credit lines, provided the customer has given their prior consent. Banks will set their own terms and conditions for these credit lines, including limits and interest rates.

Reserve Bank of India RBI/2023-24/58 CO.DPSS.POLC.No.S-567/02-23-001/2023-2024 Dated: September 04, 2023 The Managing Director / Chief Executive Officer Scheduled Commercial Banks (excluding Payment Banks, Small Finance Banks and Regional Rural Banks) Madam / Dear Sir, Operation of Pr
Daily Limit Reached

You have reached your daily limit of 2 Free Notice & Circular

Subscribe to CCI PRO for unlimited access

Why Upgrade to CCI PRO?
  • No Ads
  • WhatsApp Broadcasts
  • Daily E-Newsletter
  • Unlimited Notice & Circular Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits

Already a PRO member? Login here for an ad-free experience.

FAQ :

UPI can now be used to make payments directly from pre-sanctioned credit lines issued by scheduled commercial banks.

This facility is for scheduled commercial banks, excluding Payment Banks, Small Finance Banks, and Regional Rural Banks.

Yes, payments through pre-sanctioned credit lines via UPI require the prior consent of the individual customer.

Banks may, as per their Board approved policy, stipulate terms and conditions such as credit limit, period of credit, and rate of interest.

Currently, savings accounts, overdraft accounts, prepaid wallets, and credit cards can be linked to UPI.

 
Comments

Recent Notification/Circulars :

  1. SEBI RTI Appeal: Response Sheet Reconsideration Ordered for SEBI Grade A Exam 2025
  2. SEBI Proposes Major Overhaul of Accredited Investor Framework
  3. Income Tax Exemption Notified for District Legal Service Authority, Panchkula under Schedule III of Income-tax Act, 2025
  4. Section 10(46) Income Tax Exemption Granted to District Legal Service Authority, Panchkula
  5. Approval of Sir Ganga Ram Trust Society, Delhi for Scientific Research under the Income-tax Act, 2025
  6. SEBI Recovery Proceedings for Outstanding Disgorgement and Interest in IPO Irregularities
  7. SOP for Customs Clearance of Imported Goods through Foreign Post Offices (FPOs)
  8. Government Revises Central Excise Duty Rate to Rs. 1.5 Per Litre via Notification No. 42/2026
  9. India Extends Anti-Dumping Duty on Phthalic Anhydride Imports from China and South Korea for Five Years
  10. Odisha Joint Entrance Examination Committee Gets Tax Exemption under Schedule III of the Income-tax Act, 2025

View More Notifications


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member CA Aman GargCA Aman GargPro Member Jaipal SinghJaipal SinghPro Member N N V SatishN N V SatishPro Member VIJAY M DHANAKVIJAY M DHANAKPro Member vijai guptavijai gupta
Subscribe to Pro
Join an elite circle of professionals


Browse by Category