Do you Use BHIM UPI for Money Transfer in identical account ? Then This is a nasty information for you. NPCI has banned Same Bank account UPI Transaction from 1st August, This will have an effect on for many who has looted many UPI provides from Paytm, Mobikwik, free cost and many others by making a faux transaction in the identical checking account. But nonetheless you possibly can switch cash from 1 financial institution to a different financial institution. Restriction is simply on Same Bank Account UPI Transaction.
Why NPCI has Banned UPI Transactions to Same Bank Account?
As you realize that There are many UPI Cashback provides are offering by Many wallets like Paytm, Mobikwik and many others. So for availing these cashback, Users make faux transactions in the identical Bank account. So, To curb faux or synthetic transactions so as to get cashback, NPCI has taken a critical motion and determined to halt this apply on its funds platform UPI.
From August 1, funds switch inside identical account or UPI ID (the place the payer and the payee account are literally the identical) shall be blocked by the umbrella group for all digital funds in India.
NPCI additionally defined that these transactions are being carried out between identical UPI accounts or in some case from the UPI ID to the account quantity, however the underlying account stays the identical and thirdly by sending cash to a different UPI ID however linked to the identical checking account.
NPCI mentioned in a round issued to banks that transactions the place the payer and the payee account are literally the identical shall be blocked from August 1.
The prime motive behind the clampdown is to cease these prospects who do a number of transactions inside their account to get cashback provides lured by UPI-led digital funds platforms resembling BHIM, Paytm, PhonePe, Mobikwik, Freecharge and others.