On Apr. 1, IND NPC enriched offerings for credit accounts.
IND NPC introduced new features for customers and merchants on credit accounts.
Follows IND RBI Sep. 2023 expand operations of pre-sanctioned credit lines, #168904.
Document dated Mar. 29, 2024, received from IND NPC Apr. 1, summarized on Apr. 6.
New Features
Users will be able to apply for an equated monthly installment (EMI) facility on the linked credit accounts on UPI app, which enables conversion of purchases into EMI.
Users can make a one-time payment or set up UPI autopay to outstanding credit card account bill/credit line installment for themselves or others using the UPI app.
Users will be able to accept/apply for enhancing of credit limit from the issuing entity.
This can be used for making large purchases, emergencies, adhoc expenses/events.
Effectiveness
Members are required to take note and enable the above features by May 31, 2024.
