UPI New rules 1 August: From august 1 (UPI New guidelines 1 August), major modifications are going to happen in UPI, with a purpose to have an instantaneous impact in your pocket.
These include many regulations, like a fee for checking balance time and again and a penalty on transactions exceeding the limit (UPI balance check restrict). If you are a UPI user, then it's far very essential with a purpose to understand approximately these changes. So let's know one at a time what those changes are?
What will trade in UPI?
5 major changes are going to appear in UPI from august 1. Which include:
Stability test restriction
Autopay simplest on time
Limit on payment reversal.
Restriction on checking charge repute.
Restrict on viewing transaction records.
1. Stability test limit
Until now, UPI users can test their balance as frequently as they want in a day. But now a limit has been imposed on it. From august 1, a person might be in a position to test the stability only 50 instances a day. In step with NPCI (countrywide payments company of India), this restrict has been saved in order that there's no stress at the server all through other essential bills and there may be no dilemma in UPI payments.
2. Autopay at a fixed time
Commonly, money is deducted from autopay anytime inside 24 hours. But now this facility will work most effective before 10 am and from 1 pm to 5 pm. After the constant time, you may no longer be capable of do any transactions. That is, you could face issues on this. Mainly for the ones bills which you have set on autopay. Together with SIP, wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital investment, or fee of an OTT app via UPI.
3. Restrict on charge reversal
Now, a limit has additionally been fixed for chargeback, i.e., getting the charge lower back. Now every person can request a chargeback simplest 10 times in a month. And you could call for a cash refund from someone character or employer handiest 5 instances.
4. Restriction on checking payment status
Generally, customers take a look at fee status several instances a day after creating a price. NPCI has placed a restriction in this as nicely. Meaning now you will be able to test payment status best 3 instances in an afternoon. There should be an opening of as a minimum 90 seconds between them.
5. Limit on viewing transaction records
Now every person will be able to view his financial institution account info handiest 25 times in an afternoon from anybody app. This has put a restrict on repeatedly checking stability or viewing transaction history.
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