UPI Banks List

UPI is also enabled to be utilized for USSD service. USSD is Unstructured Supplementary Service Data which works by using some quick codes in order to communicate with the cellular service providers. In terms of banking transactions the users could access the USSD service by dialing the code *99#. The various services provided by UPI as USSD are mentioned here:

• Financial Services

1. Fund Transfer
2. Send Money
3. Request Money

• Non-financial services

1. Balance Enquiry
2. Change MPIN

UPI enabled banks are those banks which facilitate the fund transfer through the UPI payment system. These banks allow its customers to link their bank account with a UPI enabled application. The UPI app uses a central platform to be engaged upon by various banks. Once a bank is UPI enabled, it can either chose to develop its own individual app in order to support the UPI platform or simply permit its account holder to link their accounts with an app that is already UPI enabled. This could be another bank’s application or an e-wallet such as PhonePe or PayTM. Once you have linked your bank account in any UPI app, the bank would become UPI enabled.

UPI enabled banks can also power the UPI system of an app. It is not necessary that the app is managed by the bank. For instance, the ‘Phonepe’ is an app developed by the Flipkart. But the UPI payments goes through the yes bank. It gives the VPA of the Yes bank. There are many UPI apps which function on this arrangement. Where the launch the UPI system of an App so that the money is routed through their bank but they need not develop a specific app for that purpose.

UPI enabled banks can be categorized under three broad heads depending upon the platform they chose to adopt in order to provide UPI enabled services to their customers. They are as follows:

• Banks with UPI apps– This is the broadest category. Almost all major banks fall under this segment. These banks have either developed a new UPI app or have integrated the UPI in their existing smartphone applications. Banks like ICICI Bank, HDFC bank, Axis, SBI and PNB fall under this category and operate their individual mobile banking applications.
• Banks without UPI app– There are still a few banks who have neither developed their own UPI app nor have they partnered with a third party application to execute UPI enabled services.
• Banks with Third party UPI app– These type of banks lend their UPI system to other mobile app developers. These developers in turn create a platform such as e-wallet where a user can create a virtual account and utilize the services of online funds transfer. Yes bank has partnered with several apps in this regard. PhonePe by Flipkart being the major one.

In order to know whether your bank is a part of the UPI enable transactions, here is a UPI bank list for your reference. Given here is a UPI Banks list which is UPI enabled as well as supports its own application.

These are just the top banks who adapted to UPI payments system on priority and others are following the suit. The account holder of all the UPI enabled banks can easily send and receive money through the UPI payment system. However, the authority to issue VPA rests only with the banks that are authorized as the Payment Service Providers or PSP. The virtual payment address is issued as an alternative to the bank account. A UPI app can issue a VPA to any of the account holder from this UPI banks list upon a request made by the account holder.

The exhaustive UPI banks list constituting approximately 29 banks is available at the RBI website. The bank account holder of these 29 banks can use the UPI apps of any bank or third party apps. Government has also introduced an independent UPI app by the NPCI, called BHIM app. This app is directly operated by the GOI for the convenience of those whose banks are not yet UPI enabled, however, it can be used by anyone who wishes to have an independent UPI app.