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NPCI to be careful in adding more banks on UPI platform

The National Payments Corporation of India (NPCI) is now taking extra precaution in allowing smaller banks to go live with UPI payments system in the wake of a Rs 25 crore fraud in Bank of Maharashtra recently.  A.P. Hota, MD and CEO of NPCI, said NPCI will not allow banks to join the UPI platform unless they have a fool-proof reconciliation process. He said 44 banks are on the UPI platform and NPCI will be very circumspect in getting other banks on the platform. He added that NPCI will be implementing stringent rules for the banks to be on the platform and will take steps to make UPI more secure. He said the fraud in Bank of Maharashtra happened because of a bug in the UPI application and NPCI is taking steps and investing heavily on cyber security to make the system secure. He added that corrective steps have been taken for the recovery of the money lost due to the fraud, which occurred after the bank had procured a UPI solution from a vendor, which already had a bug. This resulted in about 50-60 people figuring out the loophole in the system and siphoning off the money into their own accounts.

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