Latest news with #NPCI
News18
3 hours ago
- Business
- News18
‘Thalliki Vandanam' Scheme: How To Get Rs 15,000 Aid – Step-by-Step Guide For Mothers
Last Updated: Thalliki Vandanam Scheme: Andhra government will deposit Rs 15,000 directly into the accounts of students' mothers. Certain key conditions must be fulfilled to receive this benefit The Andhra Pradesh government has announced a key update on the 'Thalliki Vandanam' scheme. As part of the newly formed coalition government's 'Super Six' promises made during the elections, the scheme is set to be implemented this June. With schools reopening on June 12 after the summer break, the government is taking steps to ensure financial assistance reaches the mothers of school-going children on time. Under the 'Thalliki Vandanam' scheme, the state government will deposit Rs 15,000 directly into the bank accounts of students' mothers. The amount is intended as a token of respect for the efforts and dedication of mothers towards their children's education. However, to receive this benefit, certain important conditions must be fulfilled. To be eligible for the payment, the mother's bank account must be linked to both: Her Aadhaar number, and The NPCI (National Payments Corporation of India) system. Officials have clearly stated that if either of these linkages is missing, the payment will not be processed. According to recent government orders, the Aadhaar and NPCI linking process must be completed by June 5. To facilitate this, postal department staff, village/ward secretariats, and bank officials will assist beneficiaries in completing the necessary procedures. Authorities have urged all eligible mothers to check whether their bank accounts are linked with Aadhaar and NPCI. If not, the linking must be completed urgently through the nearest Mee Seva centre, post office, or bank branch. NPCI linking is essential for enabling direct benefit transfers (DBT) under government schemes. Without it, even if the money is released, it won't be credited to the beneficiary's account. To avoid inconvenience, the government has directed all departments to provide special support. Linking centres are also being set up in rural areas to make the process easier for beneficiaries. The government emphasises that this is not just a financial aid programme, but a gesture to recognise and honour the pivotal role played by mothers. It also marks the beginning of fulfilling the 'Super Six' promises, aimed at increasing public trust and welfare. First Published: June 02, 2025, 10:55 IST
Times of Oman
a day ago
- Business
- Times of Oman
Govt prioritising lower denomination notes and digital transactions: Sitharaman
New Delhi: Indian Union Finance Minister Nirmala Sitharaman said on Saturday that the priority of the government is to "make sure" that currency in circulation will be in "lower denominations" and spreading more awareness for "doing digital transfers." Answering a question on the future of Rs 500 currency, Sitharaman said, "We are making every effort to make sure that currency will be in the lower denominations, used much more than the higher, as the Rs 2000 is almost completely out of circulation, except for possibly 0.02, which is still lying outside. Others have given it to the banks." "We need to have more digital awareness built so that people see a benefit in doing digital transfers," the Union Finance Minister said at the 'National Commemorative Seminar on 60 Years of Pt Deendayal Upadhyaya Integral Humanism Lectures' in the national capital. In recent years, India has witnessed an unparalleled rise in digital transactions, marking a significant milestone in its journey towards becoming a cashless society. At the forefront of India's digital payment revolution is UPI with a record hit of 16.73 billion transactions in December 2024. In addition to this, Immediate Payment Service (IMPS) and FASTag have emerged as pivotal players, making financial transactions faster, more accessible, and secure. As of recent data from the National Payments Corporation of India (NPCI), UPI has set a new record by processing over 16.73 billion transactions, with a staggering transaction value of Rs 23.25 lakh crore. This is a notable jump from Rs 21.55 lakh crore in November. In 2024, UPI processed around 172 billion transactions, marking a 46 per cent increase from 117.64 billion in 2023. This rise underscores a broader cultural shift toward financial inclusivity, with UPI being a central pillar.
Mint
3 days ago
- Business
- Mint
UPI Circle goes cross-platform: Here's how it works across BHIM, GPay and PhonePe
Managing daily payments for elderly family members or dependents, long a logistical challenge for many Indian households, just got easier. The National Payments Corporation of India (NPCI) has expanded the UPI Circle feature, previously exclusive to the BHIM app, to work interoperably across major platforms like PhonePe and Google Pay. The upgrade transforms UPI Circle into a practical, everyday tool for families who use different apps to manage shared expenses. 'UPI Circle now enables interoperability between apps like BHIM, GPay, and PhonePe. This allows primary and secondary users to link and transact even if they are on different UPI platforms,' a spokesperson from PhonePe said. UPI Circle allows a primary user to authorize trusted secondary users, such as family members, friends, or caregivers, to make payments from their bank account within pre-set limits. Previously, this feature could only be accessed on the BHIM app. That limitation posed a barrier to many users who preferred other UPI apps like PhonePe or GPay. This means a caregiver using BHIM can now transact on behalf of an elderly parent who prefers PhonePe, or vice versa, without switching platforms. With UPI Circle now supporting cross-platform functionality, users can link across different UPI apps to enable delegated payments. A common scenario is where a primary user on PhonePe authorizes a secondary user on the BHIM app to make transactions on their behalf. The setup process and payment flow have been designed to be intuitive and secure, enhancing convenience for families managing shared financial responsibilities. To initiate the process, the primary user on PhonePe begins by navigating to the UPI Circle section on the home screen. From there, they select the option to 'invite a secondary contact'. The primary user can either pick a contact saved on their device or manually enter the secondary user's UPI ID. Alternatively, they can scan the secondary user's QR code, which can belong to any UPI app that supports the UPI Circle feature, including BHIM, GPay, or PhonePe. In this case, the secondary user is on the BHIM app. Once the invitation is sent, the secondary user receives a notification on the BHIM app and accepts the invite. The primary user on PhonePe is then alerted that the invite has been accepted, completing the linking process. From this point onward, the secondary user is authorized to initiate payments using the primary user's account, in accordance with the permissions granted. The payment flow between the two apps is also seamless. The secondary user on BHIM initiates a payment by either scanning a QR code, entering a VPA, or typing in a mobile number. When prompted to choose a payment instrument, they select the primary user's account, which was previously linked via UPI Circle. After confirming the payment request, the primary user receives a real-time notification on the PhonePe app. The primary user can then approve or decline the transaction by entering their UPI PIN. Once approved, the transaction is completed, and both parties—on BHIM and PhonePe—receive confirmation messages. The transaction is also recorded in the history section of both apps, ensuring transparency and easy tracking. This interoperability between apps like PhonePe and BHIM makes UPI Circle significantly more accessible and useful in real-world settings, especially for households where family members use different UPI platforms. UPI Circle supports two types of access—partial and full. In partial delegation, the secondary user can initiate a payment, but the transaction must be approved by the primary user, who completes it by entering their UPI PIN. This setup is ideal for situations where the primary user wants to maintain direct control over every transaction while still allowing someone else to initiate payments. For instance, a child making a payment request on behalf of a parent, who then authorizes it in real time. In full delegation, the primary user gives the secondary user complete authority to make payments independently, within a defined limit—up to ₹ 5,000 per transaction and ₹ 15,000 per month. This is useful in scenarios where the primary user may not always be available to approve transactions, such as an elderly parent authorizing a caregiver to make daily purchases without needing frequent PIN approvals. However, as of now, full delegation is only supported on the BHIM app. PhonePe and GPay currently support only partial delegation, with full delegation expected to roll out on these platforms soon. Real-time alerts for every transaction and the ability to revoke access at any time provide reassurance to primary users, particularly those who may be less tech-savvy and concerned about fraud. The adoption of UPI Circle by apps like PhonePe and GPay is expected to drive broader usage of the feature, especially among users who rely on different UPI apps for daily transactions. The move also reflects the growing maturity of India's digital payments ecosystem, where interoperability and user control are increasingly prioritized. The cross-platform availability of UPI Circle strengthens its core value proposition: simplifying financial delegation while preserving user oversight. For millions of Indians managing payments for others, it's no longer just a feature—it's a much-needed solution that fits seamlessly into their digital lives.
Mint
3 days ago
- Business
- Mint
THESE new UPI rules for P2M transactions to come into effect from June 30. Check details
National Payments Corporation of India (NPCI) has released a new circular to deal with handling of deemed approval status in UPI for peer to merchant transactions where acquiring payment service provider (PSP) and merchant bank are the same. In case of peer to merchant (P2M) transaction where merchant bank and acquiring PSP is same, UPI will consider transaction status 'deemed acceptance' as success in online and pass the response to the payment service providers. There will be no change in the back-office system for 3 party deemed approved transactions. The revisions in rules are supposed to improve the customer experience and reduce customer complaints, reads the circular. NPCI has urged the banks and payment service providers to ensure that they make the necessary changes. The existing RC-RB rules will continue for all process such as settlement, raw files, adjustment reports, GST reports, NPCI compliance penalty, RBI penalty, chargeback rules, among others, reads the circular. Changes will be done only in the online switch as mentioned above and the current process of updating the transaction status as TCC/RET will continue. A. The beneficiary bank will start a credit adjustment/refund/RET against the transaction back to customer only after conducting the necessary checks. As success response is given to PSP and in turn to the merchant, the merchant would have provided goods and services to the customer. Unreconciled/ improper marking of RET/ credit adjustment/ refund without confirming with the merchant will lead to out of fund scenario. B. In case if the credit adjustment/RET is not initiated, merchant bank will retain the funds with them and credit to the merchant as per the existing regulatory and legal framework. The TAT for dispute management and adjustments will be as per the extant process. For all personal finance updates, click here.
India.com
5 days ago
- Business
- India.com
UPI Big Update: NPCI to bring new rules from THIS date, issues new guidelines, asks users to...
New Delhi: In a significant development set to impact millions of UPI users, the Unified Payments Interface (UPI) system is expected to see major changes starting August 1, 2025. According to the reports, the National Payments Corporation of India (NPCI) will roll out new Application Programming Interface (API) usage rules for all banks and payment apps. These changes aim to make the system more secure and efficient—but users may face some restrictions. Here are some of the key details: The UPI users will only be able to check their account balance 50 times per day on each UPI. If they use two apps, they will get 50 balance checks on each. APIs allow Payment Service Providers (PSPs) to check if a transaction was successful. Under the new guidelines, PSPs should check transaction status only after a certain time delay. Users will now be able to check which bank accounts are linked to their mobile number only 25 times a day per app. This request will work only if the user selects their bank and gives consent. The NPCI has instructed all banks and payment service providers (PSPs), including Paytm, PhonePe, and others, to closely monitor their API usage. Violators may face penalties, usage restrictions, or even a ban on onboarding new users. All PSPs must also submit a system audit undertaking by August 31, 2025. NPCI says these limits will help improve system stability and security. 'PSP banks and/or acquiring banks shall ensure all the API requests (in terms of velocity and TPS — transactions per second limitations) sent to UPI are monitored and moderated in terms of appropriate usage (customer-initiated and PSP system-initiated)', highlights the circular dated May 21, 2025.
