National Payments Corporation of India (NPCI) has set December 31, 2023 as the deadline to deactivate UPI IDs and numbers that have been inactive for more than a year.
Banking & Finance
The National Payments Corporation of India (NPCI) early last month issued a circular to payment apps and banks asking them to deactivate UPI IDs and numbers that have been inactive for more than a year. The instructions are aimed at preventing unintended fund transfers to recipients, if customers change their mobile numbers without disconnecting their old numbers from the banking system. The NPCI circular also emphasizes how important it is for UPI users to regularly verify their information in the banking system. UPI apps include Google Pay, Paytm and PhonePe. In terms of market size, these three are the largest UPI payment apps in the country. As per the directive of Telecom Regulatory Authority of India (TRAI), telecom companies can issue inactive mobile number to the new customer after a period of 90 days.
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