Consider the following statements regarding the RBI’s recent decision to allow Small Finance Banks (SFBs) to offer pre-sanctioned credit lines via UPI:
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Scheduled Commercial Banks (SCBs) were permitted to offer pre-sanctioned credit lines via UPI in September 2023.
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Payments Banks and Regional Rural Banks (RRBs) were included in the February 2024 approval by RBI.
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The move aims to enhance financial inclusion by providing instant, collateral-free digital credit access through UPI.
Which of the above statements is/are correct?
1
Only 1 and 2
2
Only 2 and 3
3
Only 1 and 3
4
Only 3
5
All are correct