BIZ~COM
The Reserve Bank of India announced key revisions of UPI payment limits on Friday. The RBI has raised the UPI payment limit to hospitals and educational institutions to Rs 5 lakh. Previously it was Rs 1 lakh. RBI has also hiked the cap for e-mandates for recurring payments to Rs 1 lakh.
During the release of the bi-monthly monetary policy in December, Reserve Bank Governor Shaktikanta Das announced the periodic review of limits for different categories of Unified Payments Interface (UPI) transactions.
The raised limit aims to facilitate consumers in conducting UPI payments for education and healthcare purposes involving higher amounts.
Under the current e-mandate framework, an additional factor of authentication (AFA) is necessary for recurring transactions exceeding Rs 15,000. However, Reserve Bank Governor Shaktikanta Das proposed an increase in this limit to Rs 1 lakh per transaction for recurring payments involving mutual fund subscriptions, insurance premiums, and credit card repayments.
