Five more banks join the Unified Payments Interface (UPI) .Five new banks have joined the Unified Payments Interface (UPI) bandwagon, thereby taking the total number of banks using UPI to 26 UPI2. It include public sector lenders, State Bank of India, Allahabad Bank and Bank of Baroda and two private banks HDFC Bank and IDFC Bank.The applications are currently live only for the banks’ own customers
and after being tested till they will be made available to the public through the android play store,
About UPI:
♦ UPI was launched by National Payments Corporation of India with Reserve Bank of India. It is an architecture and a set of standard app APIs by RBI to facilitate the next generation online immediate payments. Transactions are made through a virtual address, the VPA (Virtual Payment Address), which is in the format [name]@[bankname] ♦ The upper limit per UPI transaction is Rs. 1 Lakh.
♦ Parent: NPCI
♦ Headquarters: New Delhi
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