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RBI hikes UPI transaction limit to 5 lakhs | e-mandates for recurring online transactions to ₹1 lakh per transaction

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abhishek012

RBI hikes UPI transaction limit to 5 lakhs | e-mandates for recurring online transactions to ₹1 lakh per transaction:

RBI hikes UPI transaction limit for hospitals and educational institutions
RBI has increased the limits of e-mandates for recurring online transactions to ₹1 lakh per transaction from ₹15,000 for mutual fund subscriptions, insurance premium subscriptions, and credit card repayments

The Reserve Bank of India raised the Unified Payments Interface (UPI) payment limits for hospitals and educational institutions from ₹1 lakh to ₹5 lakh per transaction. The announcement was made by Governor Shaktikanta Das while unveiling the December bi-monthly monetary policy.

“The enhanced limit will help consumers make UPI payments of higher amounts for education and healthcare purposes,” he said.

E-mandates for recurring transactions

The cap on e-mandates for recurring online transactions was also hiked to ₹1 lakh.

Under the e-mandate framework, an additional factor of authentication (AFA) is required for recurring transactions exceeding ₹15,000 currently. This is now being raised to ₹1 lakh for mutual fund investments, insurance premia payments and credit card payments.

“E-mandates for making payments of a recurring nature have become popular among customers. It is now proposed to enhance this limit to ₹1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments,” the governor said.

The measure, he said, will further accelerate the usage of e-mandates.

RBI proposes to set up ‘Fintech Repository’

In another development, the RBI also announced to set up a “Fintech Repository” for a better understanding of developments in the fintech ecosystem and support the sector.

“This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier. FinTechs would be encouraged to provide relevant information voluntarily to this Repository,” Mr. Das said.

Financial entities like banks and NBFCs in India are increasingly partnering with fintechs.

Mr. Das also said that the Central bank is working on the establishment of a cloud facility for the financial sector in India. “Banks and financial entities are maintaining an ever-increasing volume of data. Many of them are utilising cloud facilities for this purpose,” he added.

“Adding such a facility would enhance data security, integrity, and privacy. It will also facilitate better scalability and business continuity,” he said.

Mr. Das said the cloud facility is intended to be rolled out in a calibrated fashion over the medium term.

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23 Comments  |  
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Generous Generous
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Kuchh chiller  kamane ka mauka isme?

Deal Cadet Deal Cadet
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Hospitals accepts mostly payment in CASH.😂

Spearhead Spearhead
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they do take via QR code payments also
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Deal Newbie Deal Newbie
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CheQ application ka koi trick lau ki 400000/- pay credit card bill after refund bhi mil jaye?????????

Deal Cadet Deal Cadet
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CheQ nahi cho$u app h. sab coins ekdam se zero kar diya . shitty vouchers are only remaining. ye to MOBIDIK se bhi bada chor nikla 😬😬😬
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Commentator Commentator
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RBI should make UPI limits uniform across banks. I still don't know the SBI limit. Icici on the other hand allows even 75k in a single UPI transaction depending on account variant.

Post Emperor Post Emperor
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SBI 1lakh ek baar me .... 1lakh in single transaction

Deal Subedar Deal Subedar
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then 2027 is enough to make India developed nation

why wait till 2047

Deal Cadet Deal Cadet
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Why exactly 2027? We can become in 2025 as well

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Deal Lieutenant Deal Lieutenant
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How much normal upi limit? 2 lakh

Finance Ninja Finance Ninja
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1 lakh for P2P & P2M

2 lakh for selected categories like credit card bill pay, mutual funds, loan repayment, EMI repayment etc.
Deal Cadet Deal Cadet
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from last two days I am unable to make upi transaction

IMG20231213170958

Is there any limit on number of transactions in 30 days, and how much time it will take to renew @abhishek012 please help.

Finance Ninja Finance Ninja
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Yes. few banks impose 100 P2P UPI payment in a 30 days.

You can still use UPI P2M payment.
Deal Newbie Deal Newbie
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Bhai, i transferred 40k today said limit increased, hey prabhu hey hariram ey kya huwa

Deal Newbie Deal Newbie
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Mobile 

Post Emperor Post Emperor
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They should first work to stop UPI frauds

Helpful Helpful
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Online shopping me hai kya e-mandate  @abhishek012 ? Nahi hai shayad.
Isme online shopping ko bhi add karna chahiye.. for electronics purchase above certain price. Maybe for trxns above 20k.
Aajkal kuch bharosa nahi..order waise hi pade rehte hai..1-2 weeks ke baad cancel karta hai az/fk.
refund takes 5-7 working days confused
mandate me refund ka jarurat hi nahi hai. Only mandate cancellation required.
Post Emperor Post Emperor
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I know the mandate only in IPOs while applying for and it immediately cancelled if revoked ... Apart from IPOs ...where are the other facilities where mandate works ?

replyuser
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