UPI New Rules: These individuals' UPI accounts will be terminated on January 1st; please finish this job by December 31st

 UPI New Rules: These individuals' UPI accounts will be terminated on January 1st; please finish this job by December 31st

UPI New Rules: These individuals' UPI accounts will be terminated on January 1st; please finish this job by December 31st

UPI ID Deactivation: The National Payments Corporation of India has released new guidelines to make UPI transactions fully transparent. These must be adhered to by all banks and third-party applications by December 31st.

NPCI's New Guidelines: Regarding your UPI ID, some very significant news has arrived. All banks will deactivate dormant UPI IDs, as will third-party applications like Google Pay and PhonePe. All banks and third-party applications have been instructed by the National Payments Corporation of India (NPCI) to block IDs for whom no transactions have been made for a year. The NPCI has until December 31st to do this. So, before this date, in any case, activate your UPI ID. In addition, prior to terminating the UPI ID, the bank will notify the users by email or SMS. UPI transactions will be safer than ever thanks to this NPCI move. Additionally, incorrect transactions will be prevented.

What is said in the new guideline?

The UPI ID and the linked cellphone number of inactive clients will be verified by all third-party applications and PSP banks in accordance with the new NPCI criteria. This ID will be closed after a year if no credit or debit has been made with it. Customers won't be able to transact with these IDs starting in the new year.

There won't be room for improper trades.

The NPCI has given banks and third-party applications until December 31 to identify these UPI IDs. The NPCI hopes that these new regulations will prevent money from being misappropriated or transferred to the wrong person. In recent years, several examples of this kind have surfaced.

It might be challenging to change your cellphone number.

People often switch mobile numbers without remembering to deactivate the UPI ID linked to the new phone. Someone else has access to the number since it has been off for a few days. However, this number is no longer connected to any previous UPI ID. The likelihood of an incorrect transaction rises significantly in such a scenario.