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ICICI Bank has partnered with which of the following agencies in October 2024 to provide instant credit on UPI for pre- approved customers, offering up to тВ╣2 lakh credit with a 45-day repayment period?
Google Pay
PhonePe
BharatPe
Paytm
PhonePe
ICICI Bank partnered with PhonePe in October 2024 to offer pre-approved users instant credit lines up to тВ╣2 lakh on UPI.
In October 2024, ICICI Bank collaborated with fintech giant PhonePe to expand short-term credit accessibility through the Unified Payments Interface (UPI). This initiative leverages the Reserve Bank of India's (RBI) regulatory framework allowing pre-sanctioned credit lines on UPI. It enables eligible ICICI Bank customers to instantly activate and utilize pre-approved credit lines directly within the PhonePe app during merchant transactions, boosting digital credit penetration in India.
The regulatory framework for digital payments and UPI in India is governed by the Reserve Bank of India (RBI) under the Payment and Settlement Systems Act, 2007. The National Payments Corporation of India (NPCI), established in 2008 as an umbrella organization for operating retail payments, manages the UPI infrastructure.
Partner Agencies: ICICI Bank and PhonePe (October 2024)
Maximum Credit Limit: Up to тВ╣2,000,000 (тВ╣2 lakh)
Repayment Period: 45 days interest-free period
Eligibility: Pre-approved ICICI Bank customers using PhonePe app
B is correct тАФ ICICI Bank partnered with PhonePe in October 2024 to provide an instant credit line on UPI of up to тВ╣2 lakh with a 45-day repayment period.
Remember that RBI allows scheduled commercial banks to issue 'Credit Line on UPI'. Link ICICI Bank with PhonePe for the тВ╣2 Lakh / 45-day key numbers frequently asked in banking and SSC exams.
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