RBI allows small finance banks to offer pre-sanctioned credit via UPI

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RBI allows small finance banks to offer pre-sanctioned credit via UPI - Business Standard

Quick Summary:

The RBI Monetary Policy Committee has decided to keep the repo rate unchanged at 6.5 per cent for the 11th consecutive time, while significantly revising down its GDP growth forecast for the current financial year to 6.6 per cent, from the previous estimate of 7.2 per cent.

The RBI said detailed guidelines for the implementation of this service will be issued soon, allowing SFBs to play a vital role in expanding credit access nationwide.

Pre-sanctioned credit lines via UPI allow customers to access pre-approved credit directly on the platform.