Latest news with #KunalKalawatia
Mint
7 days ago
- Business
- Mint
New UPI guidelines related to pre-sanctioned credit lines to come into force from Aug 31 onwards
If you are a frequent user of UPI, it is recommended to stay abreast of the changes made in the digital payment ecosystem. NPCI, which runs UPI, issued a circular dated July 10 introducing some new guidelines with regards to pre-sanctioned credit lines. Before that, let us first understand some background. In September 2023, NPCI issued a circular allowing the pre-sanctioned credit lines to be enabled on UPI (Unified Payments Interface). Earlier only savings accounts, overdraft accounts, prepaid wallets and Rupay credit cards could be linked. But later, the scope of UPI was broadened to include credit lines as a funding account as well. Under that facility, payments made through a pre-sanctioned credit line issued by a scheduled commercial bank to individuals with prior consent of the individual customer are enabled for transactions using the UPI system. Now the latest circular dated July 10, 2025 has incorporated more changes to the earlier facility. The National Payments Corporation of India (NPCI) said in the circular that the customer experience to be made consistent across interest bearing credit lines and end use of such pre-sanctioned credit lines being linked to UPI will be aligned with the purpose for which loan was granted. I. Issuers will stipulate terms and conditions of use of such credit lines. The issuer will also ensure compliance of use of such credit lines. The issuer will also ensure compliance with extant regulatory guidelines, Bank policy, legal requirements, and the defined purpose of such interest bearing credit line offering. II. Issuer will approve or decline transactions initiated via UPI as per extant regulatory guidelines, and defined purpose of the credit. III. All UPI member banks, sub members, PSPs (payment service providers) and the third party app providers will enable additional MCCs for transactions through interest bearing account types. The circular signed by Kunal Kalawatia, chief of products, NPCI, reads that all UPI member banks, sub members, PSPs, credit line issuers and third party app providers are instructed to implement these changes before Aug 31, 2025. For all personal finance updates, visit here
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Business Standard
18-06-2025
- Business
- Business Standard
Shop smart: RuPay JCB card now gives 25% cashback abroad this summer
RuPay, India's homegrown card network, has launched a limited-period cashback offer in partnership with JCB International, Japan's leading payment brand for Indian travellers heading abroad this summer. RuPay JCB debit and credit cardholders can now enjoy 25 per cent cashback on face-to-face, in-store purchases made across eight popular Asian travel destinations. Places where the offer is valid This international cashback offer is available in the following countries: · Japan · South Korea · Malaysia · Sri Lanka Also Read · Vietnam · Singapore · Thailand · Hong Kong The scheme is applicable from June 15 to August 31. Cashback details To qualify, cardholders must make at least two in-store transactions in any of the listed countries using their RuPay JCB card. Here's how the offer works: · Cashback rate: 25 per cent on eligible POS (Point of Sale) purchases. · Per transaction limit: Cashback capped at Rs 1,500 per transaction. · Overall limit: Maximum cashback of Rs 15,000 per card during the offer period. Travel meets savings 'With travel picking up again, especially to Asian countries, this offer enables RuPay JCB cardholders to shop smartly abroad,' said Kunal Kalawatia, chief of products at NPCI (National Payments Corporation of India). He added that the initiative aligns with RuPay's growing international footprint and its aim to make spending abroad more rewarding for Indian consumers. Echoing the sentiment, Yutaro Shimizu, senior vice-president at JCB International, said this marks their sixth international cashback campaign. 'With JCB's wide acceptance across Asia, Indian RuPay cardholders can enjoy not just the destinations, but also the shopping experience with added savings,' he said. Bottom line for travellers If you are planning an overseas trip to any of the eligible countries, using your RuPay JCB card for local purchases can earn you a sizable cashback. But do remember to check the offer's terms, transaction caps, and validity period to make the most of it.
