Unified Payments Interface, widely known as UPI across India, is a product of the National Payments Corporation of India (NPCI). UPI serves as an amalgamation of several banking features to ensure ideal merchant payment and routing of funds. In the form of a single mobile application, UPI enables instant money transfers, access to different bank accounts, bill payments, and Quick Response (QR) code payments, to name a few. Since 2016, most banks in India have been providing UPI enabled facilities on their respective banking applications.
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Currently, the maximum amount you can transfer through UPI is INR 1 Lakh.
Regulated by the Reserve Bank of India, the UPI retrieves your bank account details linked to your registered mobile number.
You need not do anything. The bank will initiate a refund of the amount into your bank account within an hour. In case the money is not refunded within the hour, you can get in with the customer support helpline of your bank.