2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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SBI
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ICICI
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PNB
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RBI
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Detailed explanation-1: -The Reserve Bank has directed financial institutions and National Payments Corporation of India, NPCI to allow access to Unified Payments Interface (UPI) to foreign nationals and NRIs visiting India.
Detailed explanation-2: -MUMBAI: In a move that will expand the consumer credit market in India, the RBI has permitted banks to transfer pre-sanctioned credit lines through the UPI network. The measure will enable UPI services to mimic credit cards and provide low-value credit to nearly 30 crore users of the payment platform.
Detailed explanation-3: -Currently, UPI payments can be done between deposit accounts, sometimes intermediated by pre-paid instruments including wallets. Last June, the RBI also approved the use of Rupay credit cards on UPI, stoking hopes that it would eventually allow delivery of credit products through the payments mechanism.