- Through this, SCNL became the 1st MFI in India to use the UPI AutoPay. This initiative also made the customers pay their loan EMIs for the 1st time through the UPI (Unified Payments Interface) platform.
- HSBC India became the only international bank to be a part of the UPI AutoPay platform.
- HSBC India has integrated its API (Application Programming Interface) stack with the AutoPay functionality.
Objective: To drive financial inclusion and boost cashless transactions in the country.
Features of UPI AutoPay under SCNL:
i.It will also empower customers of SCNL to make payments without any manual intervention and enable them to verify the transaction prior to authenticating it.
ii.It would reduce SCNL’s cash management risks and bring more efficiency to the process and strengthen the overall collection framework.
iii.SCNL began to disburse 100 percent of its loans in cashless mode with the provisions such as UPI, online web portal, customer service app and UPI AutoPay.
About UPI AutoPay:
It was launched by NPCI in July 2020 under UPI 2.0 to enable recurring e-mandate using any UPI application for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds among others.
Recent Related News:
In collaboration with the NPCI, ICICI Bank has launched a facility for linking a UPI ID with its digital wallet, ‘Pockets’ and became the 1st one in the industry to link e-wallet with UPI Network.
About Satin Creditcare Network Limited (SCNL):
Establishment – 1990(Registered as an NBFC with the Reserve Bank of India (RBI) in 1998 and converted into an NBFC-MFI in November 2013)
Headquarters – Gurugram, Haryana
Chairman & MD – HP Singh
About National Payments Corporation of India (NPCI):
It is an organisation for operating retail payments and settlement systems in India, it is an initiative of RBI and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007 for creating a robust Payment & Settlement Infrastructure in India.
Establishment – 2008
Headquarters – Mumbai, Maharashtra
MD & CEO -Dilip Asbe
