Group representing NBFCs seeks approval to offer credit through UPI

Industry should be 'permitted to carry out certain activities restricted to banks', says FIDC

A group representing non-banking finance companies (NBFCs) has requested the government to let the sector offer credit on Unified Payments Interface (UPI), making the proposal ahead of the Budget on July 23.

 

The Finance Industry Development Council (FIDC) has also sought tax relief in the Budget and a regulatory role for itself. The Reserve Bank of India (RBI) only allows banks to offer credit lines on UPI, facilitated through Rupay credit cards and pre-approved credit lines.

 

“Considering the fact that the upper layer NBFCs are now subjected to regulations