Now money will not go to the wrong account through UPI by mistake, know how

NPCI News Rule For UPI Transaction: Many times people transfer money to the wrong people's accounts. But now this will not happen, NPCI has issued a rule related to UPI.

NPCI News Rule For UPI Transaction: Nowadays, the use of cash has reduced to a great extent. Now people make digital payments for every small and big transaction. Today, crores of transactions take place daily in the country through UPI i.e. Unified Payments Interface. Through UPI payment, money is transferred from one account to another in just a few seconds.

But sometimes people transfer money to the wrong people's accounts. Due to which they have to face trouble. But now this will not happen. NPCI i.e. National Payments Corporation of India has issued a rule related to UPI. Let us tell you what this rule is.

NPCI brought new rule regarding UPI payment

National Payments Corporation of India i.e. NPCI has come up with a new rule. Under which your money will not go into wrong hands. Let us tell you that through UPI, P2P i.e. Peer to Peer and P2PM i.e. Peer to Peer Merchant. On doing any kind of transaction, now only the name of the account holder will appear which will be registered in CBS i.e. Core Banking System.

This means that while making payment, you will see the name that is registered in the bank account. Even if that person's number is saved in your phone with any other name. Sometimes due to people having different names, confusion occurs and due to this money goes to wrong accounts. But now this will not happen. This new rule will be implemented for all UPI apps from 30 June 2025.

What if money from UPI goes to the wrong account?

Sometimes, even when you make transactions with utmost caution, something goes wrong. If you have also sent money to someone else's account by mistake, then first you have to contact that person and tell him that you have sent money to his account by mistake. In such a case, the chances are very less that he will return your money. But sometimes the money is returned.

If that person is not returning your money, then you can lodge a complaint in your bank that the money has gone to the wrong account. Apart from this, you can lodge a complaint about this by calling on toll free number 18001201740. You can also lodge a complaint about this on the NPCI portal.

PC:ABPNews