· Payment apps instructed to verify and maintain active UPI IDs
· NPCI to deactivate inactive UPI IDs after one year
Higher UPI Limit For Institutions
· RBI raises UPI limit for hospitals and educational institutions to Rs. 5 lakhs
· Facilitates larger online payments in these sectors
Security Boost For Larger Payments
· RBI proposes a 4-hour window for first payments over Rs. 2,000
· Allows transaction reversal or modification
· Strengthens user control and transaction security
Fee For Merchant UPI Transactions With PPIs
· 1.1 percent interchange fee for specific merchant UPI transactions
· Applies to transactions exceeding Rs. 2,000 with prepaid payment instruments
· Regulates transactions involving online wallets
Transparency In UPI Transactions
· UPI apps now display the actual name of the recipient's bank account
· Enhances transparency and accuracy in payment details
· Provides clearer information during UPI transactions