New Delhi, 9 April (IANS). To promote digital payments, the work of setting the boundary of Person-to-CRINT transactions through Unified Payments Interface (UPI) will be done by the National Payment Corporation of India (NPCI), RBI Governor Sanjay Malhotra gave this information on Wednesday.
Currently, the limit of payment of Person-to-Person and Person-to-Crachant has been fixed at Rs 1 lakh under the UPI system. However, in some special cases, this limit is Rs 2 lakh and five lakh rupees under Person-to-Crachant.
After the meeting of the 54th Monetary Policy Committee (MPC), Malhotra said that this decision has been taken to make UPI ecosystem efficient. Now NPCI will determine boundaries based on needs.
He further said that proper security measures would be taken to reduce the risks related to the high border. Banks will continue to have the right to set their internal limits within the boundaries declared by NPCI.
The central bank said, “The limit of P2P transactions on UPI will be only Rs 1 lakh as before.”
The RBI chief said during the announcement of monetary policy that the payment system operators will take decisions only after talking to banks and other bidars.
UPI transactions have risen 13.59 percent to 18.3 billion in March in March. The figure was at 16.11 billion in February.
According to NPCI data, there were transactions worth Rs 24.77 lakh crore in March through UPI. This is 12.79 percent more than the transaction of Rs 21.96 lakh crore in February.
On a daily basis, an average of 590 million transactions are being done from the UPI network. Their value is around Rs 79,910 crore.
According to another report, the second half of 2024 UPI transactions recorded an increase of 42 percent on an annual basis, which has increased to a total of 93.23 billion transactions.
-IANS
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