New Delhi: Indications that there are plans to limit unlimited UPI transactions held through the apps like Google Pay, Phone Pay and Paytm.
The National Payments Corporation of India (NPCI), which regulates UPI transactions, is reportedly discussing this with the Reserve Bank in the same matter. It is estimated that 80 percent of the transactions in the country are through the UPI. The NPCI has suggested restricting free transactions up to 30 percent to avoid risks.
A final decision on this matter is yet to come. It will consider only after evaluating all aspects of the proposal including the need and advantages of the restriction. It is informed that the officials of the finance ministry have also assembled to discuss the same matter. If the demand of the NPCI comes into force, the UPI transactions will be limited after 31st December.