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HDFC Bank Became 1st Private Sector Bank to Enable Linking of RuPay Credit Card on UPI; HDFC Raises Rs 25,000 cr in India’s largest-ever Bond Issue

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HDFC Bank customers can link Rupay credit cards to UPI

HDFC Bank has become the 1st private sector bank in India to enable its customers to use (link) their RuPay Credit Card on Unified Payments Interface (UPI) with the BHIM (Bharat Interface for Money) App and other UPI-enabled apps.

  • Objective: HDFC Bank RuPay Credit Cards are connected to a UPI ID to enable safe and secure payment transactions.


i.Currently, UPI facilitates transactions by linking Savings / Current Accounts through the Debit Cards of users. Prepaid Payment Instruments (PPIs) also facilitated access to the UPI payment system for making transactions.

ii.In order to further deepen the reach and usage, in June 2022, in its Monetary policy, the Reserve Bank of India (RBI) allowed the linking of credit cards to UPI.

iii.At first, Rupay credit cards are enabled with this facility to provide more convenience to the customers in making payments through the UPI platform.


i.Roughly 2-4 million merchants accept credit cards and more than 50 million accept UPI payments.

ii.Since UPI has become the most inclusive mode of payment in India, the current move to link RuPay Credit Cards with UPI will include those 50 million UPI merchants in the formal credit economy.

iii.It will also increase the daily transaction (In December 2022, the daily transaction stood at 50 lakh a day).

Benefits of linking RuPay Credit Card with UPI: 

i.Merchants will benefit from the increase in consumption by being part of the credit ecosystem with the acceptance of credit cards using QR codes.

ii.It will provide a digitally enabled credit card experience to the customers and will enable them to make QR-based, e-commerce payments using the credit card on UPI.

iii.The linking of credit cards to UPI will overcome customers from opening their bank accounts for everyday transactions. The users will also be able to use credit to manage their cash flow without carrying their credit cards.

Existing Users

i.Currently, 3 banks Punjab National Bank, Union Bank of India, and Indian Bank have allowed linking RuPay Credit Card on UPI.

ii.Recently, Paytm Payments Bank also introduced RuPay Credit Card on UPI. Payment gateway, Razorpay, and MobiKwik also have started allowing users to make payments via UPI apps using their credit cards.

Note – RuPay is the first-of-its-kind Global Card payment network from India, with wide acceptance at Shops, ATMs (Automated teller Machines), and online.

-HDFC Raised Rs 25,000 crore via the issue of corporate bonds

Housing Development Finance Corp (HDFC) raised Rs 25,000 crore by issuing India’s largest privately-placed 10-year corporate bonds at a coupon of 7.97% on a private placement basis.

  • The issue received 92 bids worth Rs 27,863 crore, of which the company retained 55 bids worth Rs 25,000 crore.
  • It has now raised an aggregate of Rs 78,414 crore through bond issuance in FY23, the highest by any company.

Note – The merging of HDFC with HDFC Bank is pending approval from the National Company Law Tribunal and is likely to be completed by July 2023.