UPI ID Deactivation: To make UPI transactions full proof, National Payments Corporation of India has come out with a new guideline. Every bank and third party app has to follow these till 31st December.
NPCI New Guidelines: A very important news has come regarding your UPI ID. All banks and third party apps like PhonePe and Google Pay are going to close inactive UPI IDs. National Payments Corporation of India (NPCI) has directed all banks and third party apps to block those IDs in which no transaction has been done for one year. For this, NPCI has given time till 31st December. Therefore, in any case, activate your UPI ID before this date. The bank will also send a notification to the users through email or message before deactivating the UPI ID. With this step of NPCI, UPI transactions will become more secure than before. Besides, wrong transactions will also be stopped.
What does the new guideline say?
According to the new guidelines of NPCI, all third party apps and PSP banks will verify the UPI ID and the mobile number associated with it of inactive customers. If any kind of credit or debit has not been done from this ID for one year, then it will be closed. From the new year, customers will not be able to transact with these IDs.
There will be no scope for wrong transactions
NPCI has given time till December 31 to banks and third party apps to identify such UPI IDs. Through these new guidelines, NPCI wants to ensure that money is not transferred to the wrong person nor is it misused. Many such cases have come to light in recent times.
Difficulty comes with changing mobile number
Many times people change their mobile number and forget to deactivate the UPI ID associated with it. Due to the number being switched off for several days, it gets accessed by someone else. But, only the old UPI ID remains linked to this number. In such a situation, the possibility of wrong transaction increases manifold.
