Pre-sanctioned credit lines at banks through UPI: RBI
Expanding the scope of Unified Payments Interface (UPI), the Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said pre-sanctioned credit lines at banks through the former will be allowed.
Chennai, April 6 (IANS) Expanding the scope of Unified Payments Interface (UPI), the Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said pre-sanctioned credit lines at banks through the former will be allowed.
"It is now proposed to expand the scope of UPI by permitting operation of pre-sanctioned credit lines at banks through the UPI. This initiative will further encourage innovation," Das said.
According to him, the UPI has transformed retail payments in India and its robustness has been leveraged to develop new products and features from time to time.
Das said recently, RuPay credit cards were permitted to be linked to UPI. This was in addition to the existing facility of linkage of UPI with deposit accounts.
Credit Information Cos to compensate for delayed updation/rectification: RBI
The Reserve Bank of India (RBI) will also soon put in place a process whereby people will be compensated by Credit Information Companies (CIC) for delayed updation/rectification of credit information reports, said Governor Shaktikanta Das. Recently, the CICs were brought under the purview of the Reserve Bank Integrated Ombudsman Scheme (RB-IOS).
"It is now proposed to put in place the following measures: (i) a compensation mechanism for delayed updation/rectification of credit information reports; (ii) a provision for SMS/emailAalerts to customers whenever their credit information reports are accessed; (iii) a timeframe for inclusion of data received by CICs from Credit Institutions; and (iv) disclosures on customer complaints received by CICs," Das said.
According to him, the above measures will further enhance consumer protection.
