Srinagar, August 1: New UPI rules are set to come into effect on Friday, August 1. Introduced by the National Payments Corporation of India (NPCI), these guidelines aim to improve the efficiency of UPI platforms and strengthen safeguards against fraud. The rules will be applicable across all payment service providers, including Google Pay, PhonePe, and Paytm.
Each UPI app will allow users to check their bank balance 50 times a day. UPI apps will also be able to limit or stop balance enquiry requests to reduce the load on UPI during peak hours. From August, users will be able to see the available balance in their account with every transaction.
Auto payments enable banks to automatically debit a fixed amount from users’ accounts on a recurring basis. However, processing these payments during peak hours can strain the Application Programming Interface (API) systems. To address this, the NPCI has directed that such transactions be carried out only during non-peak hours — specifically before 10 am, between 1 pm to 5 pm, and after 9:30 pm. This means an autopayment scheduled for, say, 11 am, may be processed either earlier or later than the set time. Additionally, if a transaction fails, the system will attempt retries. If all retries fail, the auto payment will be cancelled.
Customers will be able to see the list of banks linked to their mobile number. They can only check the bank’s details 25 times per day. With this, the customers will only be able to see their bank details at certain times, and the requests are to be initiated by the customers after selecting the issuer’s bank in the UPI app.
During peak hours, it’s common for users to face issues where money is debited from the sender’s account but not received by the recipient. Starting August, such unconfirmed transactions will be updated within seconds, reducing the instances of “pending” status. Users will also be allowed to check the payment status only three times, with a mandatory 90-second gap between each attempt.
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