Karnataka Bank and Navi Technologies Launch UPI Credit Line

Karnataka Bank has partnered with Navi Technologies to offer a credit line on UPI, a new product by NPCI. Initially available to a select group of users, the offering includes short-term loans, with plans for future variants. The initiative aims to revolutionize payment methods and enhance user experience.

Karnataka Bank, in collaboration with financial services company Navi Technologies, has announced the launch of a credit line on UPI, introduced by the National Payments Corporation of India (NPCI).

This strategic partnership positions Karnataka Bank among the early adopters of this innovative credit product, initially available to a select group of pre-qualified users. Plans to expand access based on customer feedback are in place.

The bank is currently offering a short-term monthly loan product, with future additions like EMI facilities and working capital credit lines under consideration, addressing the evolving needs of their customers. According to Srikrishnan H, Managing Director and CEO of Karnataka Bank, the collaboration with Navi aims to provide freedom to credit access and enhance payment methods through UPI. Sekhar Rao, the bank's Executive Director, highlighted the integration of the credit line into the UPI ecosystem, ensuring secure and convenient credit access for customers.

(With inputs from agencies.)