The Reserve Bank of India (RBI) has announced an increase in the transaction limits for the Unified Payment Interface (UPI). This update applies to specific categories of services.
RBI Governor Shaktikanta Das revealed that the transaction limit for hospitals and educational institutions using UPI has been raised significantly, jumping from 1 lakh to 5 lakh.
Moreover, the RBI disclosed adjustments in limits for recurring online transactions, such as mutual fund subscriptions, insurance premium payments, and credit card bill settlements. These transaction limits have been elevated from Rs 15,000 to Rs 1 lakh.
The UPI is a real-time payment system enabling bank transactions via smartphones. It facilitates transactions across India with internet access. Its popularity has led to its adoption in various foreign countries, including the UAE and France.
ABOUT UPI-The Unified Payments Interface (UPI) is a revolutionary system that facilitates instant fund transfers between bank accounts through mobile devices. It allows users to make seamless transactions anytime, anywhere, using a unique identification, such as a virtual payment address or a QR code. UPI has gained immense popularity due to its simplicity, security, and convenience, enabling individuals to conduct various financial activities, including peer-to-peer payments, bill splitting, merchant transactions, and more, with just a few taps on their smartphones. Its interoperability across different banks and its ability to support multiple languages have contributed significantly to its widespread adoption in India and its expansion into international markets.