New UPI rules from August 1: Full list of key changes that you should know
So, if you are a UPI user and rely on payment service providers like PhonePe, Google Pay or Paytm on a regular basis, then the new rules are set to affect the way the transactions take place. Though, the revised guidelines wouldn't impact your day-to-day transactions, it is set to bring in restrictions for UPI-related services.
The new rules include caps on limiting services, like checking bank balance, auto payments, fetching bank account info and checking payment status. The NPCI has said that the new rules have been brought to enhance UPI's stability and efficiency.
What are the changes in UPI from August 1:
Here are some of the prominent changes that the UPI users are set to experience from August 1:
Cap on checking bank balance on UPI: Starting August 1 onwards, the UPI users will be able to check their bank balance only 50 times a day on each UPI app. The restrictions would allow NPCI to decrease the pressure on the Application Programming Interfaces (API) system during the peak hours.
Also Read: UPI will work slightly differently from August 1: Here's what's changing
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