It is to inform our customers that our bank is now live on UPI platform on 28-03-2018 as Issuer. UPI is to promote cashless transactions and move towards hassle free payments or digital money.UPI is the product of National Payments Corporation of India (NPCI).
UPI is a channel that powers multiple bank accounts on a single mobile application. UPI facilitates 'virtual address' as a payment identifier for sending and collecting money between any two parties without knowing the recipient's name, bank account number ,IFSC code or Aadhaar number. Virtual Payment Address (xxxx@XXXX) is a virtual identity like an email address, name, phone number etc. which will be mapped to the customer’s mobile phone.
Our bank is participating as Issuer bank on UPI platform, customer has to register for UPI platform using any of the UPI applications like BHIM UPI, PHONE PE, PAYTM, WHATS APP etc., or even with other banks UPI applications i.e., AXIS bank, ICICI bank, SBI, Andhra Bank etc to avail UPI services.
Pre requisites for UPI registration:
Virtual ID (VID) Creation:
- Registration process will start with creation of Virtual ID (VID) (Some banks may refer it as Virtual Payment Address (VPA)). For this customer has to choose “Creation of VID” under UPI Application. After choosing VID, customer has to select bank as “Chaitanya Godavari Grameena Bank”. Now, an account request will be sent to the destination bank i.e., Chaitanya Godavari Grameena Bank. The request will contains mobile number registered with application at the time of installation. Now destination bank (CGGB) will validate mobile number and returns available valid account numbers linked with requested mobile number. If multiple accounts are linked with mobile number (with in one customer ID), all these accounts will be displayed on the UPI mobile app. Customer has to choose the account having RuPay debit card issued. At this phase VID creation will be completed. Please note that VID will be created with respective UPI app used.
In the above VID customer has used ICICI bank UPI app. Hence, VID created with bank id “@icici”.
Creation of UPI PIN for VID:
- After creating VID UPI app will request for last six digits of RuPay Debit card, Validity (MMYY). When these details submitted, an OTP will generated and delivers to registered mobile number. Customer has to input the OTP details in the UPI App and has to input his own PINnumber. When OTP is validated, card details are also validated with destination bank. If all validations are successful registration process will be completed. Now CGGB bank account is linked with VID.
UPI Transaction types / Services:
At present our bank will handle below transaction types
The following IFSC code is to be used for Inward UPI or IMPS remittances made in IFSC & Ac no mode – ANDB0CGGBHO.
UPI Transaction Limits:
At present per transaction limit is Rs.25000/- with cumulative day limits of Rs.100000/-