UPI Payment Rules: To stop the cases of fraud, a meeting will be held by the government, in which some new rules regarding UPI payment can be implemented.
UPI Payment First Transaction Rules: As people’s interest is increasing towards digital transactions, cases of online payment fraud are also increasing. In the last few years, cases of cyber crime seem to be increasing, and the government and RBI are trying their best to control them. In this initiative, the government has decided to bring some rules for the first transaction process between two persons to prevent online payment fraud.
Yes, some rules are being considered by the government to stop the cases of fraud. Under this, if there is an online transaction between two people for the first time, then this process will take 4 hours, and there is also a plan to impose a minimum time limit. Let us know about it in detail.
First transaction will take 4 hours
Government officials have told The Indian Express that the government is going to make some changes in the first-time transaction between two individuals to curb the rising incidents of online payment fraud. Under this, there is a plan to impose a minimum time limit for transactions above a particular amount. Transactions above Rs 2,000 are likely to include a possible 4-hour window for the first transaction between two users.
These rules are necessary for cyber security
The government is planning that their inclusion of a 4-hour process may cause some disruption in digital payments, but it may also reduce cyber security concerns. This method can be adopted for making payments through Instant Payment Service (IMPS), Unified Payment Interface (UPI) and Real Time Gross Settlement (RTGS).
India’s very own UPI wowing the who’s who of the world …. this time it is the turn of Aus Deputy PM @RichardMarlesMP who is amazed 🤩#DigitalIndia #UPIPayment pic.twitter.com/RXu7Q2bGeG
— Sameer (@BesuraTaansane) November 20, 2023
Maximum amount in 24 hours is Rs 5 thousand
At present, if a user creates a new UPI account for online transactions, then he can make the first transaction up to a maximum of Rs 5,000 in 24 hours. Similarly, it is also for National Electronic Fund Transfer (NEFT), if you create an account for the first time, you can transact up to Rs 50 thousand in 24 hours.
Decision can be taken in the meeting
There will be a meeting of the Union Finance Ministry today i.e. on Tuesday, 28th November. During this period, the first transaction from the Union Finance Ministry can be done through UPI for as little as Rs 2000 with a processing time of 4 hours. The Department of Financial Services of the Union Finance Ministry will be meeting with government and private stakeholders to discuss these approaches to combat digital payment fraud and financial crimes and cyber security.
