UPI New Rules: UPI rules are changing. NPCI is implementing some new rules to reduce the load on the system and make payments faster. Here ICICI Bank has also given a big shock to the customers using UPI. Now it has decided to charge on transactions.
UPI New Rules: UPI is making waves in many countries of the world including India. Transactions through UPI are increasing rapidly in the country. Be it paying the vegetable vendor or making payment for online shopping, most people now use UPI. Now, from today i.e. August 1, your UPI experience may change a bit. National Payment Corporation of India i.e. NPCI has made some changes to reduce the extra load on the system and make UPI payments faster. This will affect your pocket. Here, ICICI Bank, one of the country’s largest private banks, has implemented a new rule regarding UPI transactions. Now ICICI Bank will charge payment aggregators for UPI transactions.
Limit on checking balance
Now you can check your account balance only 50 times a day on each UPI app. This calculation is done in a period of 24 hours and includes only those balance requests that you make directly. Apart from this, UPI apps can no longer check the balance automatically in the background. Also, to reduce the need to check the balance again and again after making a payment to someone, your updated balance will be displayed on the screen only then.
Overall, from today (August 1), Google Pay, PhonePe or Paytm users can now check their balance a maximum of 50 times a day. Earlier, UPI users could check their balance as many times as they wanted in a day. Now UPI users can check their transaction history only 25 times a day. That means you can check your bank account details only 25 times a day from any one app.
Changes to Auto Payment
UPI ‘s auto-payment system which handles payments like OTT subscription or EMI will now work only during non-peak times. That is, it will make payments only before 10 am or after 9:30 pm. Actually this is being done so that there is no overload on the system during the busiest time. A limit has also been set for chargeback i.e. getting the payment back. Now every user can request chargeback only 10 times in a month. You can demand a refund from any one person or company only 5 times.
Limit in checking payment status
Usually users check payment status after making payment several times a day. NPCI has put a limit on this as well. That means now you will be able to check payment status only 3 times in a day. There must be a gap of at least 90 seconds between them.
ICICI Bank also changed the rules of UPI
The country’s leading private bank, ICICI (UPI New Rules 1 August) has given a big shock to its customers. Now transaction fees will be charged for making payments through payment aggregators (PA). This new rule is going to be implemented from August 1, i.e. today. However, this charge will be taken only from the merchant’s account. Merchant means businessmen like shopkeepers, restaurants … ICICI Bank has decided that it will charge 2 basis points i.e. 0.02 percent on every UPI transaction from payment aggregators. This means that if a transaction is of Rs 10,000, then a charge of Rs 2 will be levied on it. But the maximum limit of this charge has been kept at Rs 6 per transaction.
This charge will be applicable on those payment aggregators who have an escrow account with ICICI Bank. If a payment aggregator does not have an escrow account with ICICI Bank, then they will be charged 4 basis points i.e. 0.04%, with a maximum limit of Rs 10 per transaction. This means that a charge of Rs 4 will be levied on a transaction of Rs 10,000, but never more than that.
