The National Payments Corporation of India (NPCI) has directed major digital payment platforms, including Google (NASDAQ:GOOGL) Pay, Paytm, and PhonePe, to shut down Unified Payments Interface (NASDAQ:TILE) (UPI) IDs that have been inactive for over a year by December 31. This decision is part of a broader initiative to enhance security measures and prevent potential fraud.
In compliance with the Telecom Regulatory Authority of India (TRAI) guidelines concerning the reallocation of mobile numbers, the NPCI's move will block inward credit transactions and eliminate linked phone numbers from the UPI ecosystem. The action is designed to safeguard against the misuse of old numbers that could be reassigned by telecom providers.
The Supreme Court has recently ruled in favor of maintaining rigorous standards for user activation records, supporting NPCI's efforts to protect consumers from the unauthorized use of numbers that have been deactivated for more than 90 days.
In parallel with these developments, the Securities and Exchange Board of India (SEBI) has provided clarity on the status of physical securities holders' folios, confirming there is no freeze on them. Moreover, India Post has updated terms for its savings schemes.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.