Latest news with #UPIReferenceComplaintsSystem
News18
7 days ago
- Business
- News18
UPI Chargeback Rules Changed: What It Means For Payment Platform Users
Last Updated: NPCI's new UPI chargeback rules, effective July 15, 2025, aim to enhance user experience and trust. The National Payments Corporation of India's (NPCI) newly introduced UPI chargeback rules, effective from July 15, 2025, are expected to significantly improve user experience and trust in the country's fast-growing digital payment ecosystem. With nearly 600 million UPI transactions occurring daily, the need for a streamlined and time-bound dispute resolution framework has become critical. A key change is the removal of the whitelisting requirement. Previously, if a user's chargeback request was declined—often because it exceeded the claim cap—banks had to approach NPCI for special approval via the UPI Reference Complaints System (URCS). Now, banks can directly mark genuine, earlier-declined chargebacks as eligible for reprocessing, cutting delays and manual dependencies. 'It's a necessary advancement in India's payment ecosystem," said Kishan Sundar, CTO of Maveric Systems. He noted the changes will drive upgrades in backend systems, including automated reconciliation and real-time dispute dashboards. Kunal Varma, CEO of Olyv, added, 'The process will now be less confusing and more trustworthy for users," as strict turnaround timelines give users clarity and recourse. Rohan Lakhaiyar of Grant Thornton Bharat highlighted that the chargeback changes address technical errors like double debits and fraud, which are increasing with rising UPI volumes. He emphasized that the strict TATs for issuing and acquiring banks will ensure disputes are handled efficiently. A chargeback allows UPI users to raise formal disputes when a transaction fails but money is debited. The URCS platform continues to be the core mechanism for managing these disputes, now with fewer hurdles. It aims at simplifying the chargeback process for those raised beyond the capping that were introduced in 2023. It will help foster confidence in the UPI payment system and allow users to raise legitimate chargebacks efficiently. Strict TAT mandates for acquiring and issuing banks for processing of chargeback request will ensure legitimate chargeback requests are resolved in a timebound manner and shall enhance trust in the system, Lakhaiyar added. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
India Today
7 days ago
- Business
- India Today
New UPI rules from July 15: What happens if payments fail now?
From July 15, new rules for UPI chargebacks have come into force, making it easier for users to get their money back if a payment goes wrong. The National Payments Corporation of India (NPCI) has brought in these changes to make handling failed payments and fraud complaints simpler and HAS CHANGED FOR USERS?Earlier, if someone raised a chargeback, say, when money was deducted, but they did not get what they paid for, and it got declined, the bank had to go through an extra needed special permission from NPCI to reprocess that claim through the UPI Reference Complaints System (URCS). Now, that extra step is gone. Banks can directly reprocess genuine claims that were earlier turned REFUNDS FOR GENUINE CLAIMSThis means if your valid refund request was rejected by mistake, you won't have to wait for long. Your bank can now fix it faster and give you back your money without extra NPCI announced this update in a circular on June 20, 2025. It stated, 'NPCI has simplified the process by allowing issuing/remitting bank to raise chargeback which are rejected due to negative chargeback rule, the good faith dispute has been named as RGNB (Remitting bank raising good faith negative chargeback).'WHY THESE CHANGES MATTERThe idea is to cut down on the time it takes to solve complaints and give banks more freedom to handle real disputes on their more people use UPI for daily payments, the number of complaints about failed or fraudulent payments has also gone up. These new rules are meant to keep the system smooth and NEWS FOR INDIANS TRAVELLING TO UAEIn another positive move for UPI users, Indians travelling to the UAE will now be able to use UPI at more shops, hotels, and outlets. NPCI International Payments Ltd (NIPL), NPCI's arm for global operations, is expanding UPI's reach abroad. This will help Indian tourists and the large Indian community in the UAE pay easily without worrying about carrying cash or using multiple these changes show how NPCI wants to make digital payments safer and more convenient for everyone. So, next time you face a failed UPI payment, you can expect faster help and fewer hurdles to get your money back.- EndsTrending Reel
Mint
28-06-2025
- Business
- Mint
Aadhaar-PAN, Tatkal tickets, UPI chargeback & more: New money rules in July 2025 you need to know
Money rule changes from July 2025: A set of financial rules will be implemented from July 2025 onwards, which is likely to affect individuals and businesses across India. The revised UPI chargeback rules, new Tatkal train ticket booking norms, and the requirement to have Aadhar to apply for a PAN card are some of the money rules and initiatives that will be implemented from July 2025 onwards. Check out the important money rule changes starting July 2025 that all individuals and businesses must know: National Payment Corporation of India (NPCI) recently announced changes to UPI chargeback rules, with the aim of simplifying the process. As per the present system, when a chargeback request is denied, mostly due to numerous claims, even in legitimate cases, the bank is required to contact NPCI to whitelist the case through the UPI Reference Complaints System (URCS). According to the announcement on June 20, 2025, NPCI's intervention will no longer be required in such instances. Financial institutions may directly classify authentic declined chargebacks as eligible for reprocessing without awaiting approval from NPCI. Aadhaar card will become mandatory to apply for a new PAN card from July 1, 2025, onwards. Earlier, any valid ID card and a birth certificate were required to apply for a PAN card. However, from July 1, 2025 Aadhaar verification will become a necessary step, according to the Central Board of Direct Taxes (CBDT). From July 2025, several Tatkal ticket booking rules will come into effect. Aadhaar verification will become mandatory for Tatkal train tickets through the website of IRCTC or its mobile app from July 1, 2025, onwards. One-time password (OTP) will be necessary for Tatkal train ticket bookings from July 15 onwards, which means that customers will receive a code on their devices while booking the tickets. OTP authentication will be needed for Tatkal tickets booked at computerised Passenger Reservation System (PRS) counters as well. Indian Railways has introduced a time restriction for authorised ticketing agents, where they cannot book Tatkal tickets within the first 30 minutes after the booking window opens. The restriction window for AC-class Tatkal tickets is from 10:00 am to 10:30 am, and for non-AC-class Tatkal tickets, it is from 11:00 am to 11:30 am. The Goods and Services Tax Network (GSTN) on June 7, 2025 announced that the monthly GST payment form GSTR-3B will become non-editable from July 2025 onwards. Additionally, taxpayers will not be allowed to file their GST returns after the expiry of a period of three years from the due date, GSTN stated. The impacted forms consist of GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9. HDFC Bank has announced new credit card fees and updates to its rewards program, which will take effect on July 1. These changes include a 1% fee on monthly spends of more than ₹ 10,000, utility bill payments of more than ₹ 50,000, online gaming transactions of over ₹ 10,000, rent payments, fuel payments of ₹ 15,000, and education-related payments made via third-party apps. These charges are capped at ₹ 4,999. Additionally, no reward points will be available for online skill-based gaming transactions, monthly limit on insurance reward points.
