New UPI Rules effective from today August 1. These policies will enhance the efficiency of UPI apps and protect customers from fraud. Implemented by the National Payments Corporation of India (NPCI), they apply to all payment providers like Google Pay, PhonePe, or Paytm.
The new rules will alter activities like checking bank balance, processing autopayments, and having access to bank details. All these changes issued by NPCI on May 21, pointing out that these adjustments improve the performance of UPI apps.
Balance enquiry changes among New UPI Rules
Each UPI app will allow customers to check their bank balance 50 times a day. UPI apps will also be able to limit balance enquiry requests to reduce the weight on UPI throughout peak hours.
Auto payments allow banks to debit a amount from users’ accounts on a regular basis. However, autopayments, whilst achieved during peak hours, can increase pressure on the Application Programming Interface’s (API) systems. So NPCI has mandated that the processing of such transactions will only processed during non-peak hours before 10 am, 1- 5 pm, and after 9:30 pm. This approach is that if a autopayment is due at 11 am, it is deducted before or after the scheduled time.
Bank Balance Limits
Customers will able to see the list of banks. They can only check the bank’s accounts details 25 times per day, as per New UPI Rules. With this, the clients only able to see their bank details at certain times, and the requests are initiated by the clients after selecting the company’s bank in the UPI app.
Transactions issued are common throughout the peak hours, whilst clients experience that the money debited from the sender’s account, but not obtained by the receiver.
Read also: 49 New Rabies Cases Found in Delhi, Over 65,000 Stray Dogs Sterilised in 6 Months Period