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UPI transactions to Repo & Trep trading: 7 money rules that change from August 1
A host of rules related to UPI transactions and trading are set to change from Friday (August 1).
These rules concern the operations of the United Payments Interface (UPI), the direct payment system that powers popular apps like PayTM and PhonePe. These rules also concern some aspects of trading.
Here is a list of rules set to change from tomorrow.
1. UPI balance inquiry
Users will be able to check their balance on their UPI apps for a maximum of 50 days per day.
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2. Automatic payments
Automatic payments like SIPs (systematic investment plan) and subscriptions for streaming services will only be processed outside of peak hours, which have been defined as 10 am to 1 pm and 5 pm to 9:30 pm.
3. Balance updates
Banks will be required to send balance updates after every transaction.
The idea is that this will ensure that users do not have to check their balance themselves repeatedly.
4. New trading hours
The government has set new trading hours for market repo and Tri-Party Repo (TREP) operations.
While repo and TREP trading now closes at 2:30 pm, it will stay open till 4 pm starting tomorrow.
5. UPI guidelines for credit lines
Starting August 31, users will be allowed to link pre-sanctioned credit lines backed by fixed deposits (FDs), shares, bonds, gold, property, personal/business loans, etc, to UPI. All platforms have been asked to put in place infrastructure before August 31 for the same.
Under the new regime, users will be able to make P2P, P2PM, merchant payments (P2M), and cash withdrawals via UPI with daily limits of Rs 1 lakh for payments, ₹10,000 for cash withdrawals, and up to 20 P2P transfers.
6. Limits on linked accounts' checking
Users can check bank accounts linked to their UPI only 25 times a day on an app starting tomorrow.
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The idea is to avoid excessive checking to prevent straining the backend infrastructure.
7. Delayed transaction status update
Payment service providers will wait before checking if a transaction has gone through.
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