UPI new rule changes: Transactions become faster, balance checking limit also fixed
There is a good news for crores of people who transact through UPI. From today i.e. June 16, transactions through UPI have become even faster. The National Payments Corporation of India (NPCI) has now reduced the process time for payment to 10 seconds. UPI (Unified Payments Interface) is an instant payment system, developed by NPCI to facilitate transactions between banks through mobile phones. According to a recent circular of NPCI, transactions including money transfer and refund will now be completed in 10 to 15 seconds instead of 30 seconds. In this way, from June 16, the time taken to verify the address in UPI payment will now take only 10 seconds as compared to the earlier 15 seconds.
How many times will you be able to check balance in a day
NPCI said that the amendment in the process time is aimed at improving the customer experience. According to another circular of NPCI, customers will soon be able to check their account balance up to 50 times a day through their UPI app.
SEBI has recently made changes in the rules of UPI transactions
There have been many developments regarding UPI recently. On one hand, SEBI has said that transactions through UPI in the security market are being strengthened a lot in terms of security. To strengthen the investors, the market regulator is developing a new capability called ‘SEBI Check’. This new tool will enable verifying the authenticity of UPI identity by scanning the QR code or entering the UPI ID and verifying the bank details such as the account number and IFSC code of the registered intermediary.
