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Informative

New UPI Rule: Banks Must Update Numeric ID Resolution by March 31, 2025

Update / Judgement Date

06 Mar 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

BankingOther Legal Matters

A new UPI rule mandates banks to update numeric ID resolution by March. This action highlights the regulatory focus on enhancing UPI transaction security. It underscores the importance of technological compliance. This move reflects the RBI's commitment to secure digital payments. It emphasizes the need for timely updates. The rule aims to prevent fraud.