ICICI Bank Partners with PhonePe to Offer Instant Credit on UPI

Current Context: ICICI Bank’s partnership with PhonePe to offer instant credit on UPI is a significant development in the digital payments landscape.

• Here are the key details:
• Instant Credit Line: ICICI Bank pre-approved customers can avail of an instant credit line of up to ₹2 lakh through the PhonePe app.
• Activation Process: The credit line can be activated seamlessly within the PhonePe app, providing a fully digital and hassle-free experience.
• Repayment Period: Customers have a repayment period of 45 days, making it convenient for short-term financial needs.
• Usage: This service is particularly beneficial for high-value purchases such as electronics, travel bookings, and other festive season expenses.
• Eligibility: The offer is available to ICICI Bank customers who are pre-approved for this credit line.
• Benefits: The partnership aims to enhance customer convenience by integrating banking and digital payment services, promoting the use of UPI for a wider range of transactions.

Question:

1 What is the maximum instant credit line offered to ICICI Bank’s pre-approved customers through the PhonePe app?

• A) ₹50,000
• B) ₹1 lakh
• C) ₹2 lakh
• D) ₹5 lakh

Answer: C) ICICI Bank’s partnership with PhonePe allows pre-approved customers to avail of an instant credit line of up to ₹2 lakh through the PhonePe app.