NPCI Decided To Block Same Account UPI Transactions.
National Payments Corporation of India (NPCI), an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI).
NPCI Said that they Track and Record Pattern of UPI Based Transactions and They Found that Some Bank Account Holder Doing Unnecessary transactions From Different UPI Handles but Link In Same Account. These UPI Transactions do not serve any use case and also add unnecessary load on the system.
In Other Words or We Can Say In Simple but Cashback Lover’s Words That NPCI will be Ban Those Transactions Which made From Different UPI Handle (Like Google Tez To PhonePe Wallet UPI) But Have Same Bank account or Sender or Receiver Bank Account Actually The Same will be Block By Central UPI System. and has also asked payment service providers and banks to block such transactions at their end.
NPCI said in a circular issued to banks that transactions where the payer and the payee account are actually the same will be blocked from 1st August 2018.
So If You Are a Cashback Lovers, Then this is a Bad News for You, But Remember After This step UPI Failure Rate Reduce.
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