Allow NBFCs to access UPI payments platform: FIDC urges Finmin

The Finance Industry Development Council (FIDC) has suggested allowing non-banking finance companies (NBFCs) membership in the Unified Payment Interface (UPI) network so as to offer ‘Credit on UPI’ to their customers.

This representative body of NBFCs has also urged the Finance Ministry’s Department of Financial Services (DFS) to permit NBFCs to access overdraft facilities from UPI.

Including NBFCs in the UPI network would boost competition, improve services, and reduce transaction costs, FIDC has submitted to DFS Secretary Vivek Joshi.