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National Payments Corporation of India (NPCI) has absitively to stop all agenda payments aural the aforementioned annual from its UPI belvedere in adjustment to barrier affected or bogus affairs done to get cashbacks.



From August 1, money alteration aural aforementioned annual or UPI ID — area the payer and the beneficiary annual are absolutely the same — will be blocked by the awning organization, the acquittal regulator directed the banks in a circular, letters The Economic Times.

The circular, apparent by the publication, read, “While analysing the transaction patterns, we accept empiric instances wherein both acclaim and debit accounts are same…customers are sending money from their annual to the aforementioned account…these affairs do not serve any use and additionally add accidental amount on the system.”



As per the NPCI, the convenance has been banned because of three types of money transfer — affairs actuality done amid aforementioned UPI accounts, payments fabricated from the UPI ID to the annual number, but the basal annual charcoal the same, and sending money to addition UPI ID but affiliated to the aforementioned coffer account.

The prime acumen abaft the clampdown is to stop barter who accomplish affairs aural their annual from accepting cashback offers.



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