Most people use UPI to transfer money in a very short time and easily. But now a new rule is going to be implemented regarding UPI. The National Payments Corporation of India (NPCI) has issued the rule that will be implemented on April 1, 2025. NPCI has issued these new guidelines to enhance the security of UPI.
New UPI Rule
NPCI has released a new update on its official portal. Banks will regularly delete mobile numbers that are already closed or those are not being used. This update will be done once a week. With the help of the new rules, NPCI can prevent wrong money transactions.This will also make the UPI payment system more secure. This new rule will come into effect from next month, i.e. from April 1.
NPCI Meeting was Held Last Year
A meeting of NPCI was held in July last year. As per the decision taken by NPCI in its important meeting on July 16, banks and payment service providers will update their systems regularly. Discussions were held in several groups during the meeting.The purpose of this meeting is to ensure that banks and payment services can update their UPI numbers regularly as per the new rules.
The numbers will be updated only when your permission is obtained. There will be no mandatory messages in the app. UPI will be required to update the registered mobile numbers of the users. This will require the user’s consent. There will be an opt-in option. There will be no mandatory consent process.
New Rule will Help to Make Digital Payments More Secure
According to this rule, banks will delete mobile numbers that are regularly closed or reallocated to new users. This will help prevent errors in UPI. This rule is important to make digital payments more secure. As per the decision taken by NPCI in a crucial meeting on July 16, banks and payment service providers will update their systems regularly. This step will also help protect consumers from fraud.
From April 1, Banks Have to Submit Monthly Reports to NPCI
As per the new rules for consumers for banking and payment services, NPCI banks and UPI service providers have been given time till March 31, 2025 to implement it. From April 1, 2025, all banks will have to submit monthly reports to NPCI. This includes UPI ID, active users, transactions through updated mobile numbers, etc. This report will further promote the transparency and security of the system. According to information received from (NPCI), UPI is managed by the Reserve Bank of India (RBI). It is a security system and is gradually spreading to most countries in the world.
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