As per a new circular released, effective from January 1, 2021, the third party app providers have to make sure that the total volume of transactions done through their Unified Payment Interface (UPI) should not exceed 30% of the total volume of transactions done in the country during the previous three months.You can read about the National Payments Corporation of India (NPCI) – An Overview of Objectives, Products in the given link.
Further readings:
- Bad Banks – Idea Proposed by Indian Banking Association (IBA) Due to COVID-19
- Cashless Economy in India – UPSC GS-III Notes
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Related Links |
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SWIFT (Society for Worldwide Interbank Financial Telecommunication) |
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Cash Reserve Ratio (CRR)- Repo Rate & Reverse Repo Rate (UPSC Notes) |
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