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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
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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.
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Notification No : RBI/2023-24/58Published in Community & General
Source : https://rbidocs.rbi.org.in/rdocs/notification/PDFs/CREDITONUPI6DBE2D06A61540D19322CFA718643920.PDF