RBI big decision on UPI : The Reserve Bank of India (RBI) has decided to allow the National Payment Corporation of India (NPCI) to amend the transaction limit through UPI (Unified Payment Interface) to customers as per the needs of the economy. However, the limit of transaction through UPI between one person to another will remain one lakh as before. Also Read: RBI has given great relief to middle class, 0.25% reduction in repo rate, EMI will decrease, loan will be cheaper
Currently, in cases like capital market, insurance, shopkeepers (P to M) from customers, Rs 2 lakh per transaction, while tax payment, educational institutions, hospitals, payment for initial public issue (IPO) are Rs 5 lakh.
RBI Governor Sanjay Malhotra, while presenting the first bilateral monetary policy review of the current financial year on Wednesday, said that NPCI has been proposed to allow individuals to amend the transactions limit through UPI through UPI.
According to the central bank’s statement, according to the needs of the economy, in cases of new use, NPCI can declare and amend such boundaries based on the user’s changing needs, in consultation with banks and other aspects associated with UPI environment.
Banks will remain discretionary to set their internal boundaries within the declared boundaries of NPCI. The RBI also said that proper security measures will be taken to reduce the risks related to the high limit.
edited by : Nrapendra Gupta