Credit Card-UPI Linking: RBI has given a big gift to the credit card users today. RBI has approved linking of credit cards with UPI.
Credit Card-UPI Linking: The central bank RBI has given a big gift to the credit card users today (June 8). RBI has approved linking of credit cards with UPI. Earlier this facility was for debit cards, that is, only debit cards could be added to UPI. Under the current announcement of RBI, it will be possible to link the credit card with UPI soon, but earlier this facility will be available only for Rupay credit cards.
According to RBI, there are currently more than 26 crore unique users and 50 million shopkeepers on the UPI platform. In May 2022 alone, 594.63 crore transactions worth Rs 10.40 lakh crore were done through UPI.
The facility will be available after the completion of necessary system development.
RBI issued a statement on developmental and regulatory policies after the two-month monetary policy meeting today. In this, the central bank said that in order to promote access and usage, it is proposed to approve the linking of credit cards with UPI and earlier this facility will be available for RuPay credit cards. According to RBI, this facility will be available after the completion of necessary system development and necessary guidelines for this will be issued separately by NPCI (National Payments Corporation of India).
RBI hikes interest rates, repo rate increases by 50bps to 4.90%, GDP growth forecast at 7.2% in FY23
RBI decided to increase the repo rate
The central bank RBI has today announced to increase the repo rate by 50 bps (0.50 percent). Apart from this, it was also said in the MPC of RBI that the inflation rate will remain elevated in the first three quarters of the current financial year 2022-23. After the increase in the repo rate, now banks can increase the loan rates, that is, taking loans is going to be more expensive.