It’s essential to be mindful of the revised UPI regulations as we approach the new year. These new rules will significantly improve your experiences with online banking and making payments.
5 UPI Rules That Are Changing In 2024
1. Payment applications have been instructed by the National Payments Corporation of India (NPCI) to remove dormant UPI IDs after a year. In addition to ensuring their UPI IDs are still active, users of services like Google Pay and PhonePe need to check the inactivity of the phone numbers linked to their accounts.
2. NPCI declared that ‘UPI for Secondary Market’ will soon enter its Beta stage of development. Important parties are working together to enable a small number of pilot clients to block money, which is deducted at settlement upon transaction confirmation and payments are handled by Clearing Corporations on a T1 basis.
3. The Reserve Bank of India increased the UPI transaction limit from ₹1 lakh to ₹5 lakh for medical facilities and educational establishments. Following a meeting of the monetary policy committee, this modification makes it possible to make larger online payments for healthcare and education.
4. The RBI plans on setting up UPI ATMs across the country, which will enable cash withdrawals via QR code scanning. In collaboration with NPCI, Hitachi Payment Services has already unveiled “the nation’s first-ever UPI-ATM” as a White Label ATM (WLA).
5. The RBI suggests a 4-hour window for users to send their initial payments to new receivers totalling more than ₹2,000. To provide an extra degree of protection and control, this window enables users to change or reverse transactions they’ve started with a person they haven’t transacted with previously.
