What is UPI in a bank statement?

UPI in a bank statement refers to transactions made through the Unified Payments Interface, a real-time payment system developed by the National Payments Corporation of India (NPCI). These entries typically display the recipient's name or UPI ID, a unique transaction reference number, and the purpose of the payment. It signifies instant fund transfers between bank accounts using a mobile device. This helps users track digital payments, including peer-to-peer transfers and merchant purchases, directly within their official banking records for easy reconciliation.