The RBI on Thursday expanded the scope of Unified Payments Interface (UPI) to include pre-sanctioned credit lines at banks.
“It is now proposed to expand the scope of UPI by enabling transfer to/from pre-sanctioned credit lines at banks, in addition to deposit accounts,” Das said. This would mean that UPI network will facilitate payments financed by credit from banks.
Commenting on the announcement, A. K. Goel, chairman of the Indian Banks’ Association (IBA), said expanding the scope of UPI to include pre-sanctioned credit lines at banks is aimed at increasing the coverage of UPI and also increase the access to institutional credit
It permitted banks in India who operate in the International Financial Services Centre (IFSC) to provide non-deliverable foreign exchange derivative contracts (NDDCs) to resident users.
Among other steps, the central bank announced that it will develop a centralised web portal that will enable the public to search unclaimed deposits.
Deposits unclaimed for 10 years are transferred to the “Depositor Education and Awareness” (DEA) Fund maintained by the RBI.
It also improved the efficiency of the regulatory process by developing a secured web-based platform wherein various entities can see the status of their applications to the RBI..
