UPI Limit Update: Under the new rule, payment up to Rs 5 lakh can be made at one time through UPI in hospitals and educational institutions. RBI Governor said that the GDP growth estimate by the central bank has been increased from 6.50 to 7 percent.
Reserve Bank of India: RBI Governor gave information about the decisions taken in the Monetary Policy Committee meeting on Friday. During this, he said that on the basis of the consent of all the members, the repo rate will remain at the old rate for the fifth consecutive time. Apart from this, he made a big announcement for UPI users. The Governor of the Central Bank said that the limit of UPI transaction has been increased to Rs 5 lakh. Now you can make payment up to Rs 5 lakh at one time. Earlier this limit was one lakh rupees.
Payment allowed up to Rs 5 lakh
Under the new rule, you can pay up to Rs 5 lakh at a time through UPI in hospitals and educational institutions. Apart from this, he said that the GDP growth estimate by RBI has been increased from 6.50 to 7 percent. The GDP figure in the first quarter of the new year is expected to be 6.7 percent. Let us tell you that in the data released for the second quarter of the current financial year, GDP has increased to 7.6 percent.
Target to bring inflation rate to 4 percent
During this, he also expressed concern about inflation and said that the inflation rate remained mild but the increase in food inflation rate remains worrying. He said that till now we have not been able to reach the target of bringing the inflation rate to 4 percent. For this we will have to keep working. The retail inflation rate is likely to be 5.6 percent in the third quarter of the current financial year. At the same time, it may remain 5.2 percent in the fourth quarter. Overall, this figure may remain around 5.4 percent during the entire financial year.
Let us tell you that in a survey conducted by Reuters, 41 economists have expressed the possibility of increase in retail inflation in November. The rising prices of onion and tomato in the past days have increased the government’s concern about inflation. To control the prices, the government has extended the ban on export of onion. In October the inflation rate had fallen to 4.87 percent.
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