UPI Transactions: Today, UPI payments are getting a big boost in the country. Most people are using UPI payments for small transactions. It has many advantages: People don’t carry cash. This reduces the risk of theft and burglary.
The number of online payments has grown exponentially since the launch of UPI in 2016. A large number of people are using Google Pay, Phone Pay and Paytm. UPI rules have also changed on the occasion of New Year in the country. Let see what the rules are.
These people accounts will be closed.
The National Payments Corporation of India (NPCI) has issued new guidelines for UPI users. According to this, if you have not done any transaction from your UPI account for one year, then your UPI ID will be closed. NPCI has asked to deactivate such numbers or UPI IDs.
Now you will be able to transact more money through UPI. Now you can do a transaction of 1 lakh rupees in a day. On 8 December 2023, the RBI has increased the transaction limit for hospitals and educational institutions to Rs 5 lakh. Also, if someone uses a prepaid payment instrument (PPI) in UPI transactions above Rs 2,000, they will have to pay an interchange fee of 1.1 per cent.
Steps to prevent fraud
Steps have been taken to prevent frauds. If someone pays more than Rs 2,000 to someone for the first time, he will be banned for four hours, i.e. there will be a time limit of 4 hours, so that he can complain in any situation.