This is a big update for UPI gateways. Starting in November, Google Pay and Phone Pay users will see many new changes daily. Some unique features are also included. But now, we know what features are coming in UPI.
The Reserve Bank of India has created new rules for Google Pay, Phone Pay, and other UPI transactions. RBI introduced these new regulations to improve transaction efficiency and security.
RBI said that these changes will be implemented in November. Thus, changes will likely come in November for those who use Gpay, Phonepe, Paytm, and other UPI transactions.
Officials revealed that the Reserve Bank of India has decided to make UPI-related transactions easy and safe. Besides, the RBI has announced five new rules. But now, let’s know the details related to those rules.
The Reserve Bank of India said that, as part of the significant changes, some emergency sectors related to hospitals and educational institutions will increase their daily transaction limits.
In the past, transactions related to these were limited. However, as part of these rules, the Reserve Bank of India has said it has increased to over five lakhs. Through this, hospital bills or tuition-related fees can also be paid in one day.
As part of the second change, credit line facilities are also provided through UPI. Direct UPI access to a credit line allows businesses to pay as much money as they want without having enough balance in the account, which works very well for small businesses.
Also, as part of these special rules, a facility for withdrawal from ATMs through UPI is provided. Earlier, they used to withdraw money from the accounts of some Internet banks through direct ATMs, but now the Reserve Bank of India has given special permission to withdraw directly. You can withdraw Net Cash through UPI without an ATM card.
Besides, the Reserve Bank of India has also included a cooling-off period in these rules. This unique feature allows the user to get up to Rs.2,000 back without penalty when sending money to others through UPA. This feature is beneficial for new UPI users.
UPI users can make safe transactions by occasionally being aware of these unique rules. India is constantly moving forward with unique updates in the field of digital payments. As part of this, the Reserve Bank of India has announced introducing new rules.