In order to further deepen the reach and usage of Unified Payments Interface (UPI), Reserve Bank of India on Wednesday proposed to allow linking of credit cards to the instant real-time payment system.
“To start with Rupay credit cards will be enabled with this facility. This arrangement is expected to provide more avenues and convenience to the customers in making payments through UPI platform. This facility would be available after the required system development is complete,” RBI stated.
Necessary instructions will be issued to National Payments Corporation of India (NPCI) separately, it added.
The central bank also proposed to enhance the e-mandate limit on cards for recurring payments from Rs 5,000 to Rs 15,000.
RBI raised the key interest rate by 50 basis points (bps) in a bid to cool persistently high inflation.
The monetary policy committee (MPC) raised the key lending rate or the repo rate by 50 bps to 4.90 per cent.
The Standing Deposit Facility (SDF) rate and the Marginal Standing Facility (MSF) Rate were adjusted higher by the same quantum to 4.65 per cent and 5.15 per cent, respectively.