NPCI News

The feat was achieved on August 2. Over the past two years, the number of daily transactions has doubled, even though growth has slowed down in comparison to previous years.

As per the latest data, the RBI-DPI index stood at 465.33 for September 2024, reflecting continued growth in digital payment adoption, infrastructure, and performance across the country. 

NPCI, which operates UPI, has issued a circular  to ensure consistent customer experience across Interest Bearing Credit Lines. Here are the details.    

With the vast network for remittances to India now includes 19 banks – Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Kotak Mahindra Bank, Federal Bank, HDFC Bank, IndusInd Bank, South Indian Bank, Karur Vysya Bank, IDFC FIRST Bank, Punjab National Bank, and UCO Bank alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

Even as Digital payments have made everyday transactions faster, easier, and more accessible for millions of users across India, there are several tips for safely using it.

Real-Time PAN-Bank Account Linking On Income Tax Portal: The NPCI has also urged all member banks to prioritize the implementation of this service, which is being offered to the Government of India. 

This partnership aims to improve the overall safety of digital transactions by focusing on training, awareness, and proactive risk management.

As per the NPCI circular, new rules regarding APIs will kick in with regards to UPI Payment. The rules will be effective from 1 August 2025.

UPI Circle is available on the latest version of the New BHIM Payments App (Version 4.0.2) as part of the upgrade, which also includes features like Split Expenses, Family Mode, Spends Dashboard, multilingual support, and a redesigned user experience. BHIM

In 2024, UPI transactions surged nearly 46 per cent, reaching a record 172.2 billion, up from 117.7 billion in 2023. 

UPI Lite Feature: As per NPCI’s circul duction of Auto Top-up on UPI Lite,’ this feature allows automatic fund transfers when the balance falls below a set limit.

Meanwhile, the Immediate Payment Service (IMPS) transactions stood at 405 million. In value terms, this was Rs 5.63 crore. 

Stricter rules will be followed in toll plazas for FASTag that kick in from 17 February 2025.

Whatsapp Bill Payment Feature Android: This move aims to streamline digital payments by eliminating the need to switch between multiple apps, positioning WhatsApp as a comprehensive utility platform. 

Fastag Mandatory: FASTag is a device that employs Radio Frequency Identification (RFID) technology for making toll payments directly while the vehicle is in motion. 

Beneficiary Account Name Lookup Feature: The Reserve Bank of India (RBI) highlighted that payment systems like Unified Payments Interface (UPI) and Immediate Payments Service (IMPS) already enable remitters to verify the beneficiary's name before completing a transfer.

UPI processed an impressive Rs 23.49 lakh crores across 16.58 billion financial transactions in October 2024, marking a 45 per cent year-on-year growth from 11.40 billion transactions in October 2023, as per the Ministry of Finance figures. 

Bharat Connect (earlier known as Bharat Bill Payment System) is operated by the NPCI.

The NPCI nod is expected to come as a relief to Paytm, which had suffered a blow following the Reserve Bank of India's restrictions earlier this year on associate company Paytm Payments Bank Limited (PPBL) in onboarding new UPI users on the Paytm app.

Aadhar Card Money Withdrawal: AEPS allows users to carry out a variety of banking transactions, such as cash withdrawals, balance inquiries, and fund transfers, using their Aadhaar number and biometric authentication.