NPCI to roll out credit line option on UPI
Business new tamfitronics MUMBAI: The National Payments Corporation of India, on the rails of the UPIis set to introduce a new product which will function like a credit card.RBI has allowed banks to offer credit lines to customers through UPI. Several banks, including Axis, HDFC, ICICI, Indian Bank and PNB, are live on this product. The credit line to customer is a product where the customer gets a fixed credit line and pays interest to the bank only to the extent they use their credit limit.The new credit feature on UPI allows customers to make purchases without immediately seeing any funds outgo from their accounts.The payments take place at the end of a cycle and can only be made to shops, with the shopkeeper bearing the cost of credit in terms of fees....
