New Delhi, Feb. 11 -- National Payments Corporation of India (NPCI) has issued fresh instructions with regards to UPI transactions relating to auto acceptance and rejection of chargebacks basis the Transaction Credit Confirmation (TCC) and returns.

The digital payments body has rolled out auto acceptance and rejection of chargebacks basis the TCC/RET raised by the beneficiary bank in next settlement cycle after the chargeback is already raised.

However, this process is applicable only for bulk upload option and UDIR not in front end option.

They are often initiated by remitting banks before beneficiary banks can act on UPI deemed approved transactions. This is because the current process enables remitting banks to raise chargeback from...