Payment and settlement systems play an important role in improving overall economic efficiency. They consist of all the diverse arrangements that we use to systematically transfer money-currency, paper instruments such as cheques, and various electronic channels.
Reserve Bank of India today placed on its website an updated circular on Operation of Pre-Sanctioned Credit Lines at Banks through Unified Payments Interface (UPI).
As announced in the Statement on Developmental and Regulatory Policies dated December 06, 2024, the scope of credit on UPI is extended to SFBs as well.
(Puneet Pancholy) Chief General Manager
Press Release: 2024-2025/2136