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

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)