RBI increased UPI transaction limit from Rs 1 lakh to Rs 5 lakh.
August 9, 2024 - PatialaPolitics
RBI increased UPI transaction limit from Rs 1 lakh to Rs 5 lakh.
In a latest move to facilitate higher payments through UPI, the RBI proposes to increase the per transaction limit under the payment system from Rs 1 lakh to Rs 5 lakh.
According to the RBI, the increased limit will further ease tax payments by consumers through UPI.
In another proposal, the RBI plans to allow delegated payments through the UPI to further deepen the reach and usage of digital payments.
“This would enable an individual to allow another individual to make UPI transactions up to a limit from the primary user’s bank account without the need for the secondary user to have a separate bank account linked to UPI,” said the RBI in a statement while announcing its Monetary Policy on Thursday.