UPI Banks List

Here is a list of all the banks that provide customers with the option of UPI-based fund transfers:

These are some of the major banks in India that provide its customers with UPI-based transfer options. Other banks like Karnataka Bank, Punjab & Sind Bank, Standard Chartered Bank, Syndicate Bank and UCO Bank also provide UPI-based payment options. Along with it, small finance banks like Jana, Equitas and ESAF are in the list too.

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 an e-wallet where a user can create a virtual account and utilize the services of online funds transfer. Banks like Yes Bank, Axis Bank and HDFC Bank have partnered with several apps in this regard.

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 dialling 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
3. Obtain mini-statement

How many banks are live UPI members?

Currently, there are 155 banks in India that are live UPI members, i.e. they allow inter-bank fund transfers using UPI.

What are PSP and issuer?

PSP – Payment Service Provider. Any entity (here banks) which has the authority to provide its users virtual addresses. With this VPA (Virtual Permanent Address), they can transfer inter-bank funds using the entity’s UPI mobile app, e.g. BHIM SBI Pay.

Is UPI regulated by the government?

UPI is launched by NPCI (National Payments Corporation of India) which is regulated by RBI and IBA (Indian Banks’ Association).

Can I use different UPI apps using the same mobile number?

Yes. One mobile number can be linked to different UPI apps and banks. The only prerequisite is that the mobile number should already be registered with the banks you wish to link.  

Can the NPCI or UPI platform store or view my bank account details?

No. UPI payment platform is built with a feature in which the bank account details are stored in a coded form. This means that the UPI app cannot see or use your account details. This information is exchanged over secure banking networks only.

How to use UPI?

To use UPI, first, you need to register with UPI by installing a UPI-based mobile app. Click here: Step-by-step process to use UPI.

Money got debited from my bank account but the mobile app shows that the transaction was failed.

In case of failed transactions, money will be refunded to your bank account within 1 hour. However, if it does not happen, you should contact your bank’s customer support team.