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NPCI bans money transfers within same bank account to stop fake transactions in UPI

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From August 1, money transfers within same account or UPI ID - where payer and payee account are same, will be blocked by NPCI.
   
       National Payments Corporation of India (NPCI) has decided to stop all digital payments within the same account from its UPI platform in order to curb fake or artificial transactions done to get cashbacks.
As per the NPCI, the practice has been banned because of three types of money transfer — transactions being done between same UPI accounts, payments made from the UPI ID to the account number, but the underlying account remains the same, and sending money to another UPI ID but connected to the same bank account.
The prime reason behind the clampdown is to stop customers who make transactions within their account for getting cashback offers.
   Source-MoneyControl
  
  

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