No there's a separate system for NEFT. UPI is a central bank mandated payment gateway standard. It runs on top of an instant settlement system called IMPS. Impl

No there's a separate system for NEFT. UPI is a central bank mandated payment gateway standard. It runs on top of an instant settlement system called IMPS. Implementations tend to be very low cost but there's a cap on transaction size. It's very likely now that Visa and Master Card network will never penetrate in India beyond the wealthy class that travels abroad. This was kind of a pre-emptive strike to keep rent seeking companies at Bay.