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UPI is an instant real-time payment system developed by the National Payments Corporation of India (NPCI) launched in April 2016 to facilitate instant interbank transactions in India.
The primary objectives of UPI were to enable seamless fund transfers, promote cashless transactions and foster digital payments in India. UPI operates on a single identifier principle where users can link multiple bank accounts to a single mobile application. UPI allows users to make Peer to Peer(P2P) payments, Utility bill payments, Merchant payments etc. using a mobile device. Since its launch, UPI has undergone several enhancements and introduced many new features. A recent report by World line revealed that UPI carried out 84 billion transactions, accounting to about Rs.139.09 trillion in the financial year 2023. UPI has played a significant role in India’s journey towards a Digital Economy.
Unified Payments Interface (UPI) is a system that provides retail digital payments to a customer through multiple bank accounts using single mobile application (of any participating bank/TPAP).
This allows seamless fund routing & merchant payments under one hood. It is an advanced version of IMPS-round the clock funds transfer service to make cashless payment transfer, easier and smoother.
UPI : Unified payment interface- A payment platform extended by NPCI for the purpose of interbank transfer of funds i.e., pay someone (push) or collect from someone (pull) instantly pursuant to the rules, regulations and guidelines issued by NPCI, Reserve Bank of India and Banks, from time to time.
UPI Application: Shall means the The DUC Bank’s Unified Payment Interface Application downloaded by the user to his/her mobile phone.
Payment Service Provider or PSP: Shall mean entities which are allowed to issue virtual addresses to the Users and provide payment (credit/debit) services to individuals or entities and regulated by the Reserve Bank of India, in accordance with the Payments and Settlement Systems Act, 2007.
Bank: Shall mean any Bank including The Davangere Urban Cooperative Bank which is enabled on UPI platform.
RBI: The Reserve Bank of India (RBI) is the central bank of India established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. RBI regulates the issuing of bank notes to ensures secure monetary stability in India.
NPCI: National Payments Corporation of India - A company incorporated in India under Section 25 of the Companies Act, 1956 and having its registered office at 1001A, B wing 10th Floor, The Capital, Plot 70, Block G, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.
USER: Shall mean an individual/entity who is a holder of a Bank account who has downloaded Canara Bank’s UPI Application, wishes to register with Canara Bank’s UPI Application by accepting the terms and conditions and avails the UPI Facility.
Beneficiary: The person’s account details where in transfer amount is supposed to be credited.
Beneficiary Bank: Any credit going to a UPI user will be credited to a beneficiary's bank account. The bank receiving the funds in UPI transactions will be acting as a beneficiary bank.
VPA or UPI ID: Virtual Payment address – is a payment identifier for sending/collecting money. VPAs are aliases to Account No. & IFSC. This enables the user to complete a transaction without having to enter the account credentials of the beneficiary
Payer: PAYER is one that pays, especially the person by whom a bill or note has been or should be paid.
Payee: A Payee is the term used to describe the person or business that you are paying money to.
Remitter Bank: "Beneficiary Bank" shall mean the bank holding a bank account of the Receiver, where the credit of the UPI instruction is received from the Payer to be executed either on real time basis or periodically with a settlement process.
Account: Shall mean Savings and/or Current/Overdraft account held in individual capacity (other than NRIs) at present at a bank which has been enabled for UPI. The term ‘Accounts’ also including Prepaid Instrument accounts i.e. wallet accounts.:
USER Mobile Number: Shall mean the specific Mobile Phone Number registered by the user with Bank(s) where he / she is holding the accounts and that has been used by the User to register for the UPI Facility.
Aadhaar Number: Shall mean the Unique identity number issued by Unique Identification Authority of India (UIDAI).
Cellular Service Provider : Hereafter referred to as "CSP" refers to the GSM/ CDMA / GPRS / EDGE Service provider (for operation of Mobile Phones).
Finger Print Authentication: Shall refer to the automatic method of verifying an individual’s identity by their fingerprints and is also used to grant or deny access to a computer system/mobile device/tablet /any other device.
Personal Information: Refers to the information provided by the User in connection with UPI service.
Eligibility: Any individual having a Savings and/or Current/Overdraft account in a Bank held in individual capacity (other than NRIs), authorized to operate the account individually. The user shall possess a smart phone.
The User should be compliant of KYC of the Bank(s) where he holds account(s).
ELIGIBILE ACCOUNTS: UPI facility is presently available only for the customers of the type “Individual” or “Sole Proprietorship”.UPI facility is extended to following account for the above mentioned customers:
CASA accounts - Savings Bank, Current Account, Overdraft (individual account only).
Joint Account/s where operation condition is severally - Joint or First (JOF) or Joint or others (JOO).
UPI facility is limited to Residents account only.
Account/s should be fully KYC compliant.
For fresh registration, maximum transaction amount is limited to Rs.5000/- for first 24 hours for Android based devices and for IOS devices it is Rs.15000/- for first 72 hours (Max Rs.5000/- per 24- hours).
For P2P type, the maximum limit capped to Rs.1,00,000/- within 24hrs and up to 20 transactions.
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