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UPI New Regulations Rs 1 Lakh Daily Limit Deactivation Rule Wallet UPI 1 Percent Fees and More All Details

UPI New Regulations Rs 1 Lakh Daily Limit Deactivation Rule Wallet UPI 1 Percent Fees and More All Details
Written by Manoj Kadam
UPI New Regulations Rs 1 Lakh Daily Limit Deactivation Rule Wallet UPI 1 Percent Fees and More All Details

UPI New Regulations Rs 1 Lakh Daily Limit Deactivation Rule Wallet UPI 1 Percent Fees and More All Details

There have been changes in some rules of UPI from today, which were already announced by the National Payment Corporation of India (NPCI). UPI, used for fast money transfer through mobile devices, has become the fastest growing payment mode in the country. Its popularity can be gauged from the fact that some countries have shown interest in adopting this system. Since the launch of UPI, the number of digital transactions in India has grown tremendously. To improve the experience of users and make this system more secure than before, today, i.e. from January 1, 2024, the Reserve Bank of India (RBI) has announced some changes in it.

NPCI has asked payment apps like Google Pay, Paytm, PhonePe etc. and banks to deactivate UPI IDs and numbers which have not been active for more than a year. Additionally, according to NPCI, the daily payment limit for UPI transactions will now be a maximum of Rs 1 lakh. However, RBI had increased the transaction limit for hospitals and educational institutions to Rs 5 lakh on December 8, 2023, to widen the use of UPI payments.

Not only this, certain business UPI transactions above Rs 2,000 done using prepaid payment instruments (PPIs) like online wallets will also attract 1.1 per cent interchange fee.

To curb the rising cases of online payment fraud, a time limit of four hours will be imposed every time a user makes the first payment of more than Rs 2,000 to another user with whom they have not previously transacted.

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Apart from this, RBI in collaboration with Japanese company Hitachi will now launch UPI ATMs across India, in which you can scan a QR code to withdraw cash from your bank account.

In August 2023, UPI had achieved a remarkable feat by crossing 10 billion transactions. According to NDTV, a top official of the National Payments Corporation of India said that the country has the capacity to handle 100 billion Unified Payments Interface transactions a month.

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Manoj Kadam

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