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    HomeNewsBusinessUPI pre-sanctioned credit line different from BNPL, says RBI deputy governor Rao

    UPI pre-sanctioned credit line different from BNPL, says RBI deputy governor Rao

    The Reserve Bank of India (RBI) Governor Shaktikanta Das said that the new measure has a pre-sanctioned loan from banks, which customers can operate through UPI

    Jinit Parmar
    April 06, 2023 / 14:21 IST
    The new measure of Unified Payments Interface (UPI) pre-sanctioned credit line is different from buy-no-pay-later (BNPL), said M Rajeshwar Rao, deputy governor, the Reserve Bank of India (RBI).

    The new measure of Unified Payments Interface (UPI) pre-sanctioned credit line is different from buy-now-pay-later (BNPL), Reserve Bank of India (RBI) deputy governor M Rajeshwar Rao said on April 6.

    Addressing the media after the monetary policy committee meeting, Rao said the guidelines for the pre-sanctioned credit line were clear.

    "The guidelines are clear where the sanctioned limit into the account and then the transfer will take place and there is no linkage to the BNPL concept," Rao said.

    (This is a developing story, please check back for updates)

    Also read: MPC keeps repo rate unchanged, raises GDP growth forecast: 10 key takeaways

    Jinit Parmar
    Jinit Parmar is a correspondent based out of Mumbai covering banks, banking trends and more, tweets @jinitparmar10 #banks #bankingtrends #RBI
    first published: Apr 6, 2023 12:46 pm

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