UPI rules have been changed for Indian customers. There is also talk of increase in the number of UPI transactions in 2024. UPI has been introduced for trading settlement. Customers will also get the facility to withdraw money from ATM. The government has decided to implement new rules.
Most people use UPI, but very few people know about the rules related to it. There are constant changes in the rules with time. A lot of changes have been made for Indian customers from making to receiving payments. There is also talk of increase in the number of UPI transactions in 2024. This is the reason why the government is also taking new decisions regarding this.
New decisions are constantly being taken regarding UPI rules. Recently a major change has been made regarding increasing the transaction limit. Now you can make payment up to Rs 5 lakh in hospitals and educational institutions. Whereas earlier this limit was only up to Rs 1 lakh. That means, with its help, both institutions and users are going to benefit. People can benefit a lot from this.
National Payments Corporation of India (NPCI) has introduced UPI for the secondary market. Right now it is in its beta phase. UPI will help in many ways for the secondary market. With its help it will become much easier for you to invest. Trading settlement will become much easier with its help. Because it is working on single-block-multiple-debit facility. This provides transparency and full control to the customers.
Money can also be withdrawn from ATM with the help of QR Code. Right now work is being done on this and it is currently in the pilot phase. Actually, now when you make payment by scanning QR Code, you will get cash with the help of ATM machine. Actually this has been done to provide better facilities to the customers. Now the cooling period time for UPI has also been increased to 4 hours. That means you will pay up to Rs 2 thousand to the first customer.
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