UPI

What is UPI? Full Name of UPI is Unified Payments Interface. UPI is a payment system that allows money transfer between any two bank accounts by using a Smartphone.        

Who launched UPI? UPI was launched by the RBI Governor Raghuram Rajan along with the NPCI(National Payments Corporation of India) advisor Nandan Nilekani.                        

When Launched-April- 2016. NPCI received Clearance by RBI on 24 August 2016 after this clearance NPCI became umbrella body for all payments within the country.          

UPI goes Live- on 25 August 2016.      

Other Information about UPI: UPI allows a customer to pay directly from a bank account to different merchants both online and offline without hassle of typing credit card details, IFSC code or wallet passwords. The interface went live with 21 banks in the first phase. According to NPCI the UPI application of 19 banks can be downloaded from Google play which are given here- Yes bank, Vijaya bank, UCO bank, ICICI bank, Axis bank, Andhra bank, Canara bank,Karnataka bank, DCB bank, Federal bank, South Indian bank, Punjab national bank, Union bank of India, United bank of India, Oriental bank of commerce, Bank of Maharashtra, Bhartiya Mahila Bank, Catholic Syrian bank, TJSB Sahkari Bank. IDBI Bank and RBL Bank ,Don't have UPI app yet, will allows payments through other Banks' UPI apps for their account holders. SBI and HDFC Bank are in the process of developing their own apps.

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