The beta launch is facilitated by Groww as the brokerage app, BHIM, Groww and Yes Pay Next as the UPI app. Initially, customers of HDFC Bank and ICICI Bank will be able to avail this facility.
National Payments Corporation of India (NPCI), the organization that manages the UPI platform, said on Friday that ‘UPI for Secondary Market’ will be launched next week. With positive support from key stakeholders including clearing corporations, stock exchanges, depositories, stockbrokers, banks and UPI app providers, the launch of ‘UPI for Secondary Market’ in its beta phase for equity cash segment is set to begin next week.
Will initially be available for
According to the news, NPCI has given this information in a statement. It also states that initially this functionality will be available to a limited group of pilot customers. It said that during this pilot project, investors can block funds in their bank accounts, which will be debited by the clearing corporation only when the trade is confirmed during settlement. The Clearing Corporation will process payments directly to these customers on T+1 basis.
Who will get the benefit of this facility initially
This beta launch is facilitated by Groww as a brokerage app, BHIM, Groww and Yes Pay Next as UPI apps, the statement said. Initially, customers of HDFC Bank and ICICI Bank will be able to avail this facility. Additionally, HDFC Bank, HSBC, ICICI Bank and Yes Bank are acting as clearing corporations and sponsor banks for the exchanges.
Customers are in certification phase
It said other stakeholders including stockbrokers like Zerodha, clients like Axis Bank and Yes Bank, banks and UPI-enabled apps like Paytm and PhonePe are in the certification phase and ready to participate in the beta launch soon. Facilitation of trading supported by blocked amount in the secondary market through block system like Blocked Amount (ASBA) Support Application approved by SEBI on the basis of RBI approved facility of single-block-and-multiple-debit in UPI it was done.