Today is the first day of the new year and everyone is making a new beginning on this day. Cash transactions are decreasing in the country and people are increasingly moving towards online transactions. A record number of UPI payments took place in India in the year 2023. Since the launch of UPI in 2016, the number of online payments has increased rapidly. 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. The new rules for UPI users will come into effect from today i.e. January 1.
Which people's accounts will be closed?
National Payments Corporation of India (NPCI) has issued a new guideline for those using UPI. 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.
Up to what limit will you be able to transact?
Now you will be able to transact higher amounts through UPI. Now you can do transactions worth Rs 1 lakh in a day. On December 8, 2023, RBI increased the transaction limit for hospitals and educational institutions to Rs 5 lakh. Apart from this, if someone uses prepaid payment instruments (PPI) in UPI transactions above Rs 2,000, he will have to pay an interchange fee of 1.1 percent.
Steps to Prevent Fraud
Steps have also been taken to prevent fraud. If someone makes a payment of more than Rs 2,000 to someone for the first time, then a ban of four hours will be imposed on him, that is, there will be a time limit of 4 hours, so that he can complain in case of fraud.
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