It has been directed to implement this new facility by 31 August 2025. Now customers will be able to direct the loan taken from their bank or NBFC through UPI apps like PhonePe, Google Pay, Paytm and will also be able to do transactions with it. What will change in UPI? Until now, UPI could be used only for RuPay Credit Card or a few selected pre-upward loan transactions. But after the new guideline, physical assets or personal/business loans will also be added to it. Under the new change, these loans will be able to be added: – Loan in lieu of fixed deposits (FD) – Gold Loan – Property -based Loan – Lone and Bonds Based Loan – Personal and Business Loan – Kisan Credit Card (KCC) loan How will the process work? – Customers will take a loan from their bank or NBFC (FD, Gold, Property etc. You can use – the bank’s approval and loan conditions will apply to every transaction. Example: Medical payment will not be done with gold loan. Benefits: – Without going to the bank, immediate access – cashless and paperless transactions – Direct supplier for business – facility of direct payment from KCC for farmers – expansion of digital facility in both village and city Transaction limit: – ₹ 1 lakh per day – 20 transactions/day – Transaction should be used for the purpose of loan
