The Reserve Bank of India (RBI) has made a big announcement regarding small finance banks. Now microfinance can provide pre-approved loans through UPI. RBI has proposed to allow banks for this. RBI Governor Shaktikanta Das made this announcement in the central bank’s bi-monthly credit policy review meeting. As a result, customers can now get loans through UPI at a lower cost and in a shorter time. RBI Governor Mr. Das said that small finance banks will play an important role in extending UPI credit to all consumers.
UPI is a fast real-time payment system developed by NPCI for mobile phone transactions. In September last year, the scope of UPI was extended and pre-approved loans were linked through it. Under UPI pre-approved loans, customers now have the option of disbursing loans in less time and at lower cost.
Small finance banks rely on high-tech and low-cost models to reach the end user. UPI will play a major role in expanding credit. The central bank has proposed to allow small finance banks to issue pre-approved loans through UPI. Mr. Das said that the guidelines will come soon regarding this.
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