Banks can now reset password, unblock access to UPI as NPCI automates process. Here’s how
Banks that are part of unified payment interface functionality tend to lose access to URCS or Unified Real-time Clearing and Settlement if they enter the wrong password three times. In such instances, banks are compelled to reach out to the National Payments Corporation of India to reset the password and unblock the user IDs. The NPCI — via its circular — has announced that the reset password and unblock user ID process has been automated with three different options, thus minimising such occurrences. Harshad Shah, a chartered accountant, in a social media post, wrote recently, “Before UPI, shopkeepers would trade Toffees for small change, stating shortage of Coins.” The transition to digital payment means shopkeepers are not required to keep candy or toffee to offer in exchange for coins, affecting the sales of toffees.
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