In December 2022, the National Payments Corporation of India (NPCI) extended the limiting volume cap to 30% for Third Party Payment Application Providers (TPAP) in Unified Payments Interface (UPI) till ______________.

The correct answer is 31st December 2024.

Key Points

• The National Payments Corporation of India (NPCI) has extended the deadline for limiting the volume cap to 30% for Third Party Payment Application Providers (TPAP) in Unified Payments Interface (UPI)  by two years till December 31, 2024. 
• At present, there is no volume cap. 
• The cap will avoid concentration risk, and protect the UPI ecosystem.
• The Unified Payments Interface (UPI) was developed and launched by the National Payments Corporation of India in 2016.

Additional Information

• ​​National Payments Corporation of India (NPCI):
  • NPCI operates retail payments and settlement systems,
  • It is approved by the Reserve Bank of India (RBI) To offer improved infrastructure for the entire banking industry to create a robust physical and digital payment and settlement system under the provisions of the Payment and Settlement Systems Act, 2007.
  • Its main objective is to improve the infrastructure for the entire banking industry to create physical and digital payments.