RBI hikes UPI transaction limit to 5 lakhs | e-mandates for recurring online transactions to ₹1 lakh per transaction
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RBI hikes UPI transaction limit to 5 lakhs | e-mandates for recurring online transactions to ₹1 lakh per transaction:
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.
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.
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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CheQ application ka koi trick lau ki 400000/- pay credit card bill after refund bhi mil jaye?????????
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.
SBI 1lakh ek baar me .... 1lakh in single transaction
then 2027 is enough to make India developed nation
why wait till 2047
Why exactly 2027? We can become in 2025 as well
2 lakh for selected categories like credit card bill pay, mutual funds, loan repayment, EMI repayment etc.
from last two days I am unable to make upi transaction
Is there any limit on number of transactions in 30 days, and how much time it will take to renew @abhishek012 please help.
You can still use UPI P2M payment.
Bhai, i transferred 40k today said limit increased, hey prabhu hey hariram ey kya huwa
Mobile
They should first work to stop UPI frauds
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
mandate me refund ka jarurat hi nahi hai. Only mandate cancellation required.
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 ?
Kuchh chiller kamane ka mauka isme?