Recently, National Payment Corporation of India has directed to close inactive UPI by December 31, 2023.

Daily Current Affairs / Recently, National Payment Corporation of India has directed to close inactive UPI by December 31, 2023.

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Category : Business and economics Published on: November 21 2023

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National Payment Corporation of India (NPCI) is an umbrella organization for online transactions in the country.
Recently NPCI has issued instructions to banks that all those UPIs which are inactive should be closed by December 31, 2023.
If any UPI ID is not activated by December 31, 2023, it will be deactivated from January 1, 2024.
According to the new rules of NPCI, all third party app providers and banks will verify the UPI ID of such customers and the mobile number linked to it.
If no UPI transaction has been done from this ID for one year, then it will be closed after December 31, 2023.
This means that you will not be able to do any transaction through UPI from the new year.
With this step of NPCI, UPI transactions will now become safer than before and wrong transactions will also be stopped.
NPCI was established by the Reserve Bank of India in the year 2008.