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The Reserve Bank of India s decision to allow banks to offer pre-sanctioned credit lines on the Unified Payments Interface (UPI) system will contribute to the growth of transactions, according to UCO Bank MD and CEO Ashwani Kumar. UPI transactions have already reached 10 billion per month and are expected to reach 20 billion in the next 18-24 months.
The Reserve Bank’s announcement to allow banks to issue pre-sanctioned credit lines on the Unified Payments Interface (UPI) system will aid in accelerating the growth in transactions, UCO Bank MD and CEO Ashwani Kumar said on Tuesday.
“According to the recent National Payments Corporation of
India Business News: The Reserve Bank on Monday said the UPI System will also include pre-sanctioned credit lines issued by banks for transactions.Earlier, only the deposi