UPI transaction rules 2024

 

UPI transaction rules 2024: New regulations applicable from January 1


In the bi-monthly Monetary Policy Committee (MPC) announcement, Shaktikanta Das, governor of the RBI, announced that the transaction limit for UPI payments made to hospitals and educational institutions has been hiked to Rs 5 lakh from Rs 1 lakh earlier. This was done to improve the adoption of UPI for online payments.
Deactivation of inactive UPI IDs
The National Payments Corporation of India (NPCI) has asked banks and mobile payment applications like Google Pay, Paytm, and PhonePe to deactivate the UPI IDs and numbers of the accounts that have been inactive for one year.
"The decision has been taken to prevent the inadvertent transfer of money to unintended recipients in case customers change their mobile number without disassociating their old number from the banking system," the NPCI said in an announcement last year.
UPI Lite wallets transaction limit increased
The transaction limit for UPI Lite wallets has also been hiked from Rs 200 to Rs 500. These payments can be made by people without an internet connection. However, the maximum amount which can be transferred online is Rs 2,000.

Source: https://www-business--standard-com.cdn.ampproject.org/v/s/www.business-standard.com/amp/finance/personal-finance/upi-transaction-rules-2024-new-regulations-applicable-from-january-1-124010200300_1.html?amp_gsa=1&amp_js_v=a9&usqp=mq331AQGsAEggAID#amp_tf=From%20%251%24s&aoh=17042446999260&csi=0&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Fwww.business-standard.com%2Ffinance%2Fpersonal-finance%2Fupi-transaction-rules-2024-new-regulations-applicable-from-january-1-124010200300_1.html

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