NPCI issues mandatory measures to be implemented on or before 31.12.2023 by Banks, PSPs, TPAPs for UPI

The National Payments Corporation of India (“NPCI”) has notified mandatory measures to be implemented by Banks, PSPs, TPAPs for UPI. These have to be complied with on or before 31st December, 2023.

To safeguard customer interests, it is important for Banks PSPs, TPAPs to build enhanced controls and hygiene limits internally at their end as well for UPI transactions. Additionally, the following directions have been issued :

  1. 1. Separate Mobile App IDs for different Operating Systems (“OS”): UPI Apps should have different App IDs for their applications which are on different operating systems to have a clear demarcation on OS specific actions that may be required from time to time.
  2. Member to support RegValAdd API for Account Number + IFSC transactions: UPI transaction initiated using UPI ID, UPI Number, Account Number + IFSC should mandatorily prompt customers to verify the beneficiary’s name before initiating the transaction.

[This is in line with RBI Payment Vision 2025 wherein it is emphasized the need for payment system beneficiary name before initiating the transaction and reduce complaints about credit to unintended beneficiary, due to inadvertent wrong account number entry.

Additionally, members have to also ensure adherence to all UPI Guidelines issued by NPCI including various technical specifications, compliance requirements etc.

 

Please refer to the hyperlink provided below for a detailed read of the notification issued by NPCI.

Share this:

Sign up for our

Newsletter

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

Lexplosion will use the information you provide on this form to be in touch with you and to provide updates and marketing.