Team Blitz India
NEW DELHI: Gone are the days when you used Unified Payments Interface (UPI) payments for only small-value transactions. To enhance the scope of UPI payments, the Reserve Bank of India (RBI) on December 8 increased the transaction limit for UPI payments to hospitals and educational institutions to Rs 5 lakh. Earlier the limit was set at Rs 1 lakh per transaction.
While announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Shakti kanta Das said, “The limit for various categories of UPI transactions has been reviewed from time to time. It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction.”
The transaction limit of UPI was capped at Rs 1 lakh per transaction, barring a few categories. The transaction limit for UPI payments for capital markets (AMC, broking, mutual funds, etc.), collections (credit card payments, loan re-payments, EMI), insurance, etc. was limited to Rs 2 lakh. In December 2021, the transaction limit for UPI payments for Retail Direct Scheme and IPO subscriptions was increased to Rs 5 lakh.