New Delhi, June 23 -- National Payment Corporation of India (NPCI) has announced a modification in UPI chargeback rules and procedures per a circular dated June 20.

The latest announcement has simplified the rules which govern declined chargebacks. Currently, whenUPI chargeback requests are declined (because too many such requests were raised) but the due diligence shows that the chargeback was indeed genuine. Then the bank in those cases can raise a request toNPCI for whitelisting the dispute post through URCS.

Now the new rule states that the banks do not need NPCI intervention for whitelisting the disputes.

NPCI has simplified the process as it allows issuing/remitting banks to raisechargeback. This good faith dispute is named as RG...