UPI fraud clampdown: NPCI to end P2P collect requests from October 1; Banks, apps told to block pull transactions permanently
In a circular dated July 29, NPCI said, 'It is hereby informed that by October 1, 2025 UPI P2P collect shall not be allowed to be process in UPI.'
"All member banks, Payment Service Providers (PSPs) and UPI apps are hereby directed to implement the necessary changes in their systems and operational processes to ensure that no P2P collect transaction is initiated, routed, or processed on UPI beyond October 1, 2025," it added, reported PTI.
The move means that all banks and UPI apps — including PhonePe, Google Pay, and Paytm — will no longer be able to initiate, route, or process P2P collect transactions after the deadline. At present, the maximum amount that can be collected from another individual per transaction is Rs 2,000, with a daily cap of 50 successful transactions.
"By eliminating this feature, UPI reinforces its position as a platform that is fast and easy, while also being secure and reliable.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Back Pain Treatments That Might Surprise You!
Back Pain Treatment | Search Ads
Undo
This change, removing a high-risk channel, will significantly reduce fraud. Now, all P2P transactions will be payer-initiated, requiring the user to scan a QR code," NTT DATA Payment Services India CFO Rahul Jain said.
In such cases, the payer will have full control over the transactions they initiate, he noted.
NPCI had capped pull transactions at Rs 2,000 in 2019, but fraud incidents continued. 'This move will act as a safeguard for users, and such frauds will now be eliminated,' it said.
'NPCI's decision to discontinue UPI 'collect' requests closes a loophole long exploited in payment scams, marking a decisive step toward a safer digital economy,' said Reeju Datta, co-founder of Cashfree Payments. He noted that championing user-initiated 'push' transactions enhances consumer control and transparency while reinforcing trust in digital payments.
Stay informed with the latest
business
news, updates on
bank holidays
,
public holidays
, current
gold rate
and
silver price
.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
6 minutes ago
- Economic Times
L&T building up agility, tech, capex for new focus
Synopsis L&T is reinforcing agility and tech-led diversification to secure its future. With substantial cash reserves, the company plans a Rs 1.5 lakh crore strategic capital expenditure over five years, targeting semiconductors, green hydrogen, data centers, and real estate. L&T aims to reshape its portfolio through strategic divestments and investments, focusing on growth and profitability. SN Subrahmanyan Mumbai: Larsen & Toubro (L&T) is doubling down on agility, capital discipline and tech-led diversification to future-proof its 85-year-old business empire. Backed by Rs 50,000 crore in cash reserves and virtually no debt, the company has lined up Rs 1.5 lakh crore in strategic capex over the next five years—focused on semiconductors, green hydrogen, data centres and real estate. In an expansive interview, chairman and managing director SN Subrahmanyan, 65, said the $30-billion conglomerate is reshaping its portfolio to ensure long-term relevance and profitability. At the heart of this is L&T's operating mantra: 'Grow to sell, sell to grow.' Performing businesses are scaled and monetised, while underperformers are exited or wound down. This approach has seen L&T divest from ports, airports, renewables and electricals to unlock capital for new bets. 'Real estate, semiconductors, green energy and data centres are our next growth frontiers,' said Subrahmanyan. The company's realty arm is on track to develop 100 million sq ft of space, which would place it among India's top two developers. L&T's semiconductor design business, launched two years ago, now has 400 engineers and seven global clients.
Time of India
6 minutes ago
- Time of India
Big GST cut may rev up demand for small cars, hatchbacks likely to attract 18% tax against 28% now
Small cars are likely to be placed in the 18% tax slab, substantially reducing the tax burden on them, people familiar with the matter said. Small cars of 4 metres and less in length and engine capacity up to 1,200 cc (petrol, CNG and LPG) now attract 28% GST and 1% cess. Large cars and SUVs are likely to face the special rate of 40%, they said. Currently, these vehicles attract 43-50% tax, which includes GST and cess. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads NEW DELHI: The proposed goods and services tax (GST) recast could perk up the small passenger car market, which has been under pressure for some time amid a growing preference for larger vehicles such as SUVs. Small cars are likely to be placed in the 18% tax slab, substantially reducing the tax burden on them, people familiar with the matter said. Small cars of 4 metres and less in length and engine capacity up to 1,200 cc (petrol, CNG and LPG) now attract 28% GST and 1% cess. Large cars and SUVs are likely to face the special rate of 40%, they said. Currently, these vehicles attract 43-50% tax, which includes GST and will likely be no change in the GST rate for electric vehicles, currently at 5%, the people Minister Narendra Modi announced an overhaul of the eight-year-old indirect tax in his Independence Day speech on Friday. 'We are bringing next-generation GST reforms. This will reduce the tax burden across the country. This will be a gift ahead of Diwali,' he had said in his said the Centre has proposed a two-slab structure, retaining the 5% and 18% rates and scrapping the 12% and 28% levies. A 40% special rate has been proposed for six-seven items, they to the proposal sent to the group of ministers (GoM) on rate rationalisation set up by the GST Council ahead of Modi's speech, daily-use items are likely to be placed in the 5% bracket, while aspirational consumption items for the middle class and industrial goods are likely to face 18% GoM will take up the proposal this week, the officials said. A final decision on the proposal will be taken by the GST Council, likely in the third week of September, ET reported Sunday. White goods such as dishwashers and large televisions are also expected to be placed in the 18% bracket, down from 28%, which could boost consumption demand further.'If there is an 11% reduction in GST, the ex-showroom price of small cars will come down by 12-12.5%,' said VG Ramakrishnan, managing partner at Avanteum Advisors . 'Even if the absolute cut is in the range of Rs 20,000-25,000, it will be a huge positive on consumer sentiments.'The tax reset is likely to spur demand at the more affordable end of the market. But with compact SUVs like Hyundai Exter and Tata Punch in the sub-4-metre fray, this uptick may not remain limited to the hatchback segment.'Car buyers today are aspirational and have access to financing solutions. And some of them are preferring to jump directly from a two-wheeler to compact SUVs rather than a small hatchback,' said the head of a major automobile dealership based in Delhi-NCR. Total levies on small cars stand at 41-42%, he said. This includes GST, registration tax levied by state authorities and of compact cars and hatchbacks fell 13% to about one million units in FY25 from the year before, less than half that of SUVs at about 2.35 million, industry data accessed by ET sales rose 10.2% in FY25. The share of small cars in the overall passenger vehicle market fell for the fifth straight year to a low of 23.4% in FY25. It dropped further to 21% in the first four months of the fiscal year, which has seen an overall slowdown in car veterans attributed the drop to a 30-40% jump in small car prices over the past five-six years due to tighter safety and emission norms.'Entry-level consumers are not able to afford cars because of high prices,' said Partho Banerjee, senior executive officer, marketing and sales, at market leader Maruti Suzuki , in an interaction earlier this month.
Time of India
19 minutes ago
- Time of India
Without international students, many US colleges may vanish: How it happens and who's most at risk
Without international students, US colleges face major closures, says new report Many US colleges and universities could be forced to shut down if they are unable to maintain enrolment of immigrants and international students, according to a report released by the National Foundation for American Policy (NFAP). The report finds that international students, immigrants, and the US-born children of immigrants make up a significant share of the higher education population. A sharp decline in their numbers could reduce the undergraduate student population by almost five million and the graduate student population by at least 1.1 million between 2022 and 2037. Falling enrolment and financial stress across institutions The study, authored by Madeline Zavodny, an economics professor at the University of North Florida, warns of a "looming demographic cliff" in the US due to the drop in birth rates after 2007. As a result, the number of traditional college-age US-born students is expected to begin falling from 2025. According to the analysis, the total enrolment at US higher education institutions peaked in the 2010-11 academic year and has since declined. The share of young adults enrolled in college is also dropping. Zavodny stated that "losing up to one-third of undergraduate enrolment and almost two-fifths of graduate enrolment would be catastrophic," as reported by Forbes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Use an AI Writing Tool That Actually Understands Your Voice Grammarly Install Now Undo Smaller and regional institutions face the highest risk The NFAP report indicates that smaller regional universities and private liberal arts colleges, particularly those in rural areas, are at the greatest risk of closure. These institutions are likely to struggle to attract students as more applicants aim for better-resourced and more prominent universities. "Regional universities will find it particularly hard to recruit international graduate students if those students can attend larger universities that have more resources for research and lead to better job opportunities," Zavodny said, as quoted by Forbes. Policy changes and immigration restrictions intensify challenges The Trump administration has implemented restrictive immigration policies affecting international students. This includes compelling Columbia University to reduce its "dependence" on international students and ordering mass deportations, as reported by Forbes. In 2025, the US State Department ordered international students to leave the country for minor infractions, without offering the chance to respond. Lawsuits later blocked these deportations. According to Forbes, NAFSA: Association of International Educators anticipates a 30% to 40% decline in new international student enrolment in autumn 2025 due to travel bans, visa interview suspensions, and limited availability. Impact on local economies and student populations Many US universities are already facing budget shortfalls. The Washington Times reported that in 2023, public colleges experienced the steepest annual tuition revenue decline since 1980. West Virginia University, for instance, closed 28 academic programmes and eliminated 143 faculty positions. The NFAP study highlights that about one in four undergraduates and one in seven graduate students in the US are US-born children of immigrants. Zavodny stated that universities rely not only on international students but also on immigrants and their families remaining in the country, as quoted by Forbes. Work opportunities and future pathways restricted The report underscores the importance of programmes like Optional Practical Training (OPT) and STEM OPT that allow international students to gain work experience after graduation. However, the Trump administration plans to eliminate OPT and tighten rules for H-1B visa eligibility. New regulations would also require international students to apply for extensions beyond fixed admission periods. Zavodny concluded that policies restricting international student access could significantly affect university enrolment, reduce employment opportunities in university towns, and limit the supply of college-educated workers in the US, as reported by Forbes. TOI Education is on WhatsApp now. Follow us here . Ready to navigate global policies? Secure your overseas future. Get expert guidance now!
