Key UPI Rule Changes in 2024

Key UPI Rule Changes in 2024

Asif Iqbal | January 2, 2024 | 10:10 PM IST | Technology | Follow on Google News

Key UPI Rule Changes in 2024.image/mint

Key UPI Rule Changes in 2024

Entering the new year, it is crucial to be aware of the revised UPI rules that are poised to enhance your online banking and payment experiences significantly. Here are five UPI rules undergoing changes in 2024:

1. Deactivation of Inactive UPI IDs: The National Payments Corporation of India (NPCI) has mandated payment apps like Google Pay and PhonePe to deactivate inactive UPI IDs after one year. Users are advised to verify and ensure the activity of their UPI IDs, also reviewing associated phone numbers for any signs of inactivity.
2. Introduction of ‘UPI for Secondary Market’: NPCI has announced the impending launch of ‘UPI for Secondary Market’ in its Beta phase. This collaborative initiative involves key stakeholders, enabling limited pilot customers to block funds debited upon trade confirmation during settlement. Payouts will be processed by Clearing Corporations on a T 1 basis.
3. Increased Transaction Limit for Hospitals and Educational Institutions: The Reserve Bank of India (RBI) has raised the UPI transaction limit for hospitals and educational institutions from ₹1 lakh to ₹5 lakh. This decision, following a monetary policy committee meeting, facilitates higher online payments for education and healthcare purposes.
4. Nationwide Introduction of UPI ATMs: RBI is planning the nationwide introduction of UPI ATMs, allowing cash withdrawal by scanning a QR code. Hitachi Payment Services has already introduced ‘the country’s first-ever UPI-ATM’ as a White Label ATM (WLA) in collaboration with NPCI.
5. Time Limit for First Payments to New Recipients: RBI proposes a 4-hour time limit for users making first payments over ₹2,000 to new recipients. This window allows users to reverse or modify transactions initiated with someone they haven’t transacted with before, adding an additional layer of control and security. Stay informed and adapt to these changes to make the most of the evolving UPI landscape in 2024.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.