UPI transaction rules 2024: New regulations applicable from January 1
summary about new UPI transaction rules from January 1, 2024:
UPI or Unified Payments Interface allows us to easily make payments from our bank accounts using our phones. You may have seen your parents use apps like Google Pay, PhonePe and PayTM that use UPI.
From January 1, 2024, there are some new rules that will apply for UPI payments:
- You cannot reverse a UPI payment after 24 hours now. Earlier you could reverse a UPI payment within 3 days. So you have to be more careful when making UPI payments.
- There is also a new limit of Rs 2 lakh per UPI transaction. Earlier there was no limit. This means you cannot pay more than Rs 2 lakh in one UPI transaction.
- RBI has said no new players can make their own UPI apps for the next 2 years. Only existing UPI apps can continue.
These rules will make UPI transactions safer and prevent misuse. But you have to be more careful now while using Google Pay, PayTM etc. Remember, don’t reverse payments unnecessarily and don’t pay over Rs 2 lakh in one UPI transaction.
Let me know if you need any clarification or have additional questions!
Source: Business standard
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