How to avoid bank account freeze

[KoushikSaha]

There will be no full KYC merchant account.

GPay, PhonePe etc allow account creation with minimal KYC, but these are not 100% full KYC merchant accounts.

There is another payment system in "UPI – P2PM" for small merchants.

banks offer full KYC Bharat QR for merchants & UPI merchant QR codes where no problem generally merchants faced ..

 

[Abhishek012]

upi supreme commander ko sab pata hai fir bhi govt aur rbi ke sath ye mudda discuss ni krta
or maybe kiya hoga

NPCI already knows and already in discussions with banks

India is a very big country. India's population is very large (I know you guys are also Indian but in the chase of the American dream, you forget that India is a diverse country. It takes time to teach everything to everyone).

Implementing decisions here takes decades.

You guys might find it funny but even today, NPCI spends crores on training bank employees about RuPay, UPI and chargebacks.

NPCI team travels to small cities and villages to educate bank employees about RuPay, UPI, chargebacks, etc, and spends crores in the process.

There is a guy, maybe he's even in this forum too.

He is from Kashmir and he was a victim of UPI fraud.

When he went to his bank and showed them NPCI's UPI chargeback/dispute circular, the bank employees asked him, 'What is NPCI? What is a chargeback?' 🤣🤣

It took 8 months to get a refund for the UPI fraud money because the bank had no clue. Later, after an RBI complaint, the bank's head office took it seriously.

Another guy wanted to initiate a chargeback using his PNB bank card payment but the PNB bank employees started asking him what is chargeback ?

My only point in sharing all this is that this UPI bank account freeze topic is already known to banks, NPCI and the high courts.

But it will take decades to educate every individual.

 

[quino]

even today, NPCI spends crores on training bank employees about RuPay, UPI and chargebacks.

i think we know where those crores are going 🤣

But it will take decades to educate every individual.

this is where i disagree.

recently (couple months ago) many pvt banks, psu banks made aadhaar verification mandatory while account opening (verification means otp/biometric). previously they used to just take xerox & open account. now all of a sudden each bank employee across country has no option but to open acc through either otp/biometric method. they've learnt it very fast. because it was mandated from head office.

now, there are ppl like u who say it'll take decades. it need not, but yes, it probably will (this is on the NPCI & banks).

this is the issue with India. ppl here aren't dumb. if something isn't a priority, it'll never get implemented. if it is, it gets implemented overnight.

 

[dvader]

i think we know where those crores are going 🤣

this is where i disagree.

recently (couple months ago) many pvt banks, psu banks made aadhaar verification mandatory while account opening (verification means otp/biometric). previously they used to just take xerox & open account. now all of a sudden each bank employee across country has no option but to open acc through either otp/biometric method. they've learnt it very fast. because it was mandated from head office.

now, there are ppl like u who say it'll take decades. it need not, but yes, it probably will (this is on the NPCI & banks).

this is the issue with India. ppl here aren't dumb. if something isn't a priority, it'll never get implemented. if it is, it gets implemented overnight.

You are mixing education and enforcement.

Account freezing is not an issue, it's a feature of Indian democracy. There will be no law against it, ever. And even if a dummy law gets passed, it will never be enforced.

Corrupt and/or backward democracies like India (or Pakistan/Myanmar etc) keep their Central Bank from having adhoc enforcement power.

For eg Japan Central Bank (JCB) in their golden years went in so far ahead to dictate which sector get loans from commercial banks and how much. Same with China. They are equivalent or better than west in financial systems and they don't blow their own trumpet, the west agrees and accepts.

We on the other hand are forever doomed to get F***d

 

[Abhishek012]

You are mixing education and enforcement.

Account freezing is not an issue, it's a feature of Indian democracy. There will be no law against it, ever. And even if a dummy law gets passed, it will never be enforced.

Corrupt and/or backward democracies like India (or Pakistan/Myanmar etc) keep their Central Bank from having adhoc enforcement power.

For eg Japan Central Bank (JCB) in their golden years went in so far ahead to dictate which sector get loans from commercial banks and how much. Same with China. They are equivalent or better than west in financial systems and they don't blow their own trumpet, the west agrees and accepts.

We on the other hand are forever doomed to get F***d

I was reading an article somewhere about this.

After the introduction of FedNow in the USA (UPI like instant payment system), fraud cases have increased and these are local fraud cases.

By the way, this also reminded me—you're always praising the West so much.

You know that every year, Indians scam Americans $10 billion every year and a significant portion of that happens through card transactions.

Many Americans never get their money back.

All I'm saying is, no matter how much you glorify the West, no country's laws are perfect.

 

[dvader]

I was reading an article somewhere about this.

After the introduction of FedNow in the USA (UPI like instant payment system), fraud cases have increased and these are local fraud cases.

By the way, this also reminded me—you're always praising the West so much.

You know that every year, Indians scam Americans $10 billion every year and a significant portion of that happens through card transactions.

Many Americans never get their money back.

All I'm saying is, no matter how much you glorify the West, no country's laws are perfect.

Law may or may nor be perfect. Even absurd at times. US and Europe have a lot of archaic laws. The crucial part is enforcement and it's a thousand times better if not more. Emergency services are a call away, without fail, 24x7x365. Excellent legal system (again the laws themselves may or may not be good).

Everything in india is bought down by absolute shit, ch**ya judiciary.

West is a million times better. You know why they at least have some form of freedom of speech. Hume bolne ki ajadi ni hai aap west se compare kar rhe wo bi India ko.

 

[Abhishek012]

You know why they at least have some form of freedom of speech. Hume bolne ki ajadi ni hai aap west se compare kar rhe wo bi India ko.

April fool day me mast joke maara. 🤣🤣