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Informist, Wednesday, Oct. 9, 2024

 

--RBI Das: To double per transaction limit UPI 123Pay to INR 10,000 

--RBI Das: To enhance wallet size for UPILite 

 

MUMBAI – The Reserve Bank of India will increase the per-transaction limit on UPI123Pay, an instant payment system for feature phone users, to INR 10,000 from INR 5,000, Governor Shaktikanta Das said, announcing the Monetary Policy Statement on Wednesday. The central bank will also hike the overall limit in UPILite wallet to INR 5,000 from INR 2,000 and the per-transaction limit to INR 1,000 from INR 500 earlier, Das said.

 

The enhancement is part of encouraging wider adoption of the unified payments interface and making it more inclusive, the governor said. "UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation." 
 

In the last monetary policy, the central bank hiked the transaction limit for tax payments through UPI to INR 500,000 from INR 100,000 and also proposed to introduce delegated payments in UPI, which would allow individuals to set a transaction limit for another individual on the primary user's bank account.   

 

According to data from the National Payment Corp. of India, transactions through UPI amounted to INR 20.64 trillion in September, of which, 14.94 trillion was peer-to-peer transactions.  End

 

Reported by Christina Titus 

Edited by Saji George Titus

 

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