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The full form of UPI is Unified Payment Interface. UPI is an instant real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform. UPI was launched in 2016. It is simple, free of charge and instantaneous.
UPI is a single platform that merges various banking services and features under one umbrella. A UPI ID and PIN are sufficient to send and receive money. Real-time bank-to-bank payments can be made using a mobile number or virtual payment address (that reads something like [email protected]). It is simple, free of charge and instantaneous. Unlike NEFT and RTGS, the service is available 24/7 throughout the year including bank holidays.
| Full-Form | National Electronic Fund Transfer | Real-Time Gross Settlement | Immediate Mobile Payment Service | Unified Payment Interface |
| Regulated by | RBI | RBI | NPCI | NPCI |
| Settlement Type | Half Hourly Batches | Immediate Settlement | Immediate Settlement | Immediate Settlement |
| Minimum Transfer | Rs.1 | Rs.2 lakh | Rs.5 | Rs.1 |
| Maximum Transfer | No Limit | No limit | Rs.2 lakh | Rs. 1 lakh |
| Payment options | Online and Offline | Online and Offline | Online | Online |
| Timings | In Batches- 24/7 | Weekdays: 9:00 AM – 4:30 PM | 24/7, 365 days | 24/7, 365 days |
| Charges | No Charges | Charges differ with bank and amount | Difffers | NO charges |
Posted on 16 Oct 2024, this text provides information on Banking Full Forms in Business Studies related to Business Studies. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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