According to the Latest Monetary Review Policy released by RBI(Reserve Bank of India) there is going to be a direct impact to the consumers due to increase in Repo rate.

RBI Governor Shaktikanta Das has announced to increase the repo rate.

RBI – Reserve Bank of India increase in Repo Rate

Inflation in Country is the Cause of concern

According to RBI, relief is not expected in this financial year 2022-23. Of course not till the first quarter i.e. December.

RBI’s estimate, reports that the inflation rate can be 6.7 percent in this financial year.

In the first quarter of this Financial year, Inflation is expected to be 7.5 percent and 7.4 percent in the second quarter.

Also the insights report that it could reach upto 6.2 percent in the third quarter and 5.8 percent in the fourth quarter.

UPI allows Payment through Credit Card

UPI which stands for Unified Payment Interface, supported only payments through Bank accounts that has a valid Debit card and Same Mobile Number Registered with Bank as well as UPI App.

UPI Payments

According to the latest announcement, RBI has decided to allow users to make payment through credit cards in their respective UPI Apps for digital transactions.

Which type of Credit Cards support UPI Payments?

All types of Credit Cards will support for UPI but not immediately. There are certain protocols passed forward by RBI to initiate the RuPay Cards first, and then Master cards, Visa and other cards.

– RBI (Reserve Bank of India)
Initially only RuPay Credit Cards allowed for UPI

The users who have a Rupay credit card will be the ones to explore this feature first and later Master Cards Or other series of credit card will be accessible through UPI.

Leave a Reply