With the new year 2024, Unified Payments Interface (UPI) changed some of its rules and it has gone through some key changes in the New Year for improved online banking and payment transaction experiences.
New UPI rule - About
As per the IANS report, the National Payments Corporation of India (NPCI) have instructed the payment apps to deactivate the inactive UPI IDs that were inactive for over a year.
The NPCI has further also announced the launch of 'UPI for Secondary Market' in its Beta phase.
HDFC Bank has executed transactions via NPCI's UPI payments app as part of the 'UPI for secondary market' facility.
During this pilot, investors can block funds in their bank accounts, which will only be debited by the Clearing Corporations upon trade confirmation during settlement. This Beta launch is facilitated by Groww as the brokerage app, alongside BHIM, Groww, and YES PAY NEXT as UPI apps.
Initially, HDFC Bank and ICICI Bank customers will be able to avail this facility.
Other stakeholders, including stockbrokers such as Zerodha, Customer banks like Axis Bank and Yes Bank, and UPI-enabled apps like Paytm and PhonePe are in the certification stage and will participate in the Beta launch soon.
The Reserve Bank of India (RBI) has also raised the UPI transaction limit for hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh. The RBI also plans the nationwide introduction of UPI ATMs, allowing cash withdrawal by scanning a QR code.
Hitachi Payment Services has introduced 'the country's first-ever UPI-ATM’ as a White Label ATM (WLA) in association with NPCI.
The RBI also proposes a 4-hour time limit for users making first payments over Rs 2,000 to new recipients.
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Inputs from IANS
