UPI Rule Changes: If you use UPI extensively, this news could prove very useful for you. The government has made two major changes to UPI starting today. These changes will impact you as well. Let’s find out what changes the government has made related to UPI.
You will no longer be able to ask for money from relatives.
Until now, if you needed money, you would send a request to relatives or friends. They would respond to the request and give you the money. However, scammers began to use this facility extensively. To curb the growing scams in the country, the government has discontinued this UPI request service starting today. NPCI (National Payments Corporation of India) has taken the decision to discontinue this facility, considering this threat serious.
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UPI Limit Increased Fivefold
NPCI (National Payments Corporation of India) has discontinued the money transfer request service, but has also increased the UPI transaction limit fivefold. Previously, the UPI transaction limit was limited to ₹100,000, but now it has been increased to ₹500,000.
Additionally, the National Payments Corporation of India has activated the AutoPay feature on UPI. You can now set up pre-authorized auto-debits for subscription-based payments, EMIs, insurance premiums, or bills like electricity and water. This allows you to make payments without penalty.
UPI has changed lives
UPI has gained significant popularity since the pandemic, and it’s now a vital part of our lives. Whether it’s paying the vegetable vendor or paying EMIs, UPI has made everything easier. Since UPI’s introduction, Digital India is no longer just a dream, but a reality. There’s no need to wait in line at a bank to send money; simply pick up your phone and the transaction is completed in seconds.
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