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UPI transaction limits hiked
According to the new UPI transaction limit rules, individuals can make payments through UPI up to Rs 5 lakh instead of the earlier Rs 1 lakh for specific payments.These payment categories include hospitals and educational institutes.
“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 RBI governor said. “This will help the consumers to make UPI payments of higher amounts for education and healthcare purposes,” he added.
E-mandate for recurring payments: New rules
The RBI has in place e-mandates for making payments which are recurring in nature. The present limit above which additional factor authentication is required is Rs 15,000. This limit has now been enhanced to Rs 1 lakh for mutual funds subscriptions, insurance premium subscriptions and credit card repayments.
“e-Mandates for making payments of recurring nature have become popular among customers,” the central bank governor notes. Under this framework, an additional factor of authentication (AFA) is currently required for recurring transactions exceeding Rs 15,000. “It is now proposed to enhance this limit to Rs 1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments,” he said in his statement. “This measure will further accelerate the usage of e-mandates,” he added.
The RBI governor made these announcements as part of the Monetary policy statement for the month of December, 2023. The Monetary Policy Committee (MPC) decided to keep the key repo rate unchanged for the 5th consecutive time.
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