- This means non-resident Indians (NRIs) from Singapore, Australia, Canada, Hong Kong, Oman, Qatar, the United States of America (USA), Saudi Arabia, the United Arab Emirates (UAE), and the United Kingdom (UK) would be able to trade using UPI at first.
- The NPCI has ordered all UPI members, including banks and payment platforms, to comply with the regulations by April 30, 2023. This decision was made to increase and broaden the use of UPI on a global scale.
- Only accounts that adhere to the Foreign Exchange Management Act (FEMA) should use this facility, and banks that handle these types of accounts should follow the rules set forth by the Reserve Bank of India (RBI).
- This enables the diaspora to use it while they are overseas as well as when they visit India. They are able to utilize it on e-commerce portals and make fast transactions.
- All onboarding and transaction level checks, including risk rules and cooling-off periods, will be applicable in accordance with current UPI regulations.
- The NPCI has ordered all UPI members, including banks and payment platforms, to comply with the regulations by April 30, 2023. This decision was made to increase and broaden the use of UPI on a global scale.
- In October 2018, NPCI approved UPI transactions to and from NRO/NRE accounts connected to Indian phone lines.
Question:
Q.1 What type of bank accounts are now eligible for UPI transactions according to the National Payments Corporation of India (NPCI)?
a. Savings accounts
b. Checking accounts
a. Savings accounts
b. Checking accounts
c. Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts linked to foreign mobile numbers
d. Corporate accounts
d. Corporate accounts
