New UPI Payment Transaction Limit: Due to easy and quick payments, UPI has become very popular among common people as well as special people. Now RBI has increased the UPI transaction limit for some institutions.
New Delhi. The Reserve Bank of India (RBI) has increased the limit for payment through Unified Payment Interface (UPI) in hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh at a time. RBI Governor Shakti Kant Das, while giving information about the decisions taken in the monetary policy meeting on Friday, announced to increase the UPI limit. After the new decision of RBI, now more payments can be made in hospitals and educational institutions with the help of UPI.
It is noteworthy that the Reserve Bank of India has been continuously making efforts to promote the use of UPI in the country. Due to the steps taken by the central bank, the number of UPI transactions is continuously increasing every month. RBI has also promoted the use of Artificial Intelligence (AI) in UPI for offline transactions. Due to easy and quick payment, UPI has become very popular among common people as well as special people.
Hospitals and educational institutions will benefit
According to the new rules of RBI, now UPI users in schools, hospitals and other educational institutions and hospitals will be able to pay up to Rs 5 lakh instead of Rs 1 lakh per transaction through UPI. This decision will promote the use of UPI in these institutions. The inconvenience caused in paying hospital bills and school-college fees will be reduced.
Proposal to increase auto payment limit also
The Reserve Bank of India (RBI) today announced that it has proposed to increase the limit for UPI auto payments for specific transactions. As per the announcement, Additional Factor Authentication (AFA) is required when UPI auto-payment is made. Currently this AFA is applicable when auto-payment is made for an amount above Rs 15,000. According to this proposal, this limit is being increased to Rs 1 lakh only for mutual fund subscription, insurance premium subscription and credit card repayment.
No change in repo rate
Reserve Bank of India (RBI) Governor Shaktikanta Das announced the decisions taken in the three-day monetary policy meeting today i.e. on Friday. It has been decided in the meeting not to change the repo rate. The committee has unanimously decided to keep the policy repo rate unchanged at 6.5 percent. At the same time, the Reserve Bank has increased the GDP growth estimate for the current financial year. The Reserve Bank estimates that the Indian economy can grow at a pace of 7 percent in the financial year 2023-24.
