UPI Transaction Limit: Reserve Bank of India Governor Shaktikanta Das made a big announcement on Thursday regarding the limit of UPI transactions. RBI has increased the limit of UPI transactions by 5 times to Rs 5 lakh. Announcing the decisions taken in the MPC meeting, RBI Governor Shaktikanta Das said that UPI has become the most preferred method of online payment today due to its facilities. Currently, the limit for tax payment for UPI is Rs 1 lakh.
UPI limit increased for tax payment
Shaktikanta Das said that based on different use-cases, the Reserve Bank has reviewed and increased the transaction limits for certain categories such as capital markets, IPOs, insurance, medical and educational services etc. from time to time. Shaktikanta Das said, “Since direct and indirect tax payments are common, regular and of high value. Therefore, it has been decided to increase the limit of tax payment through UPI from Rs 1 lakh to Rs 5 lakh per transaction. Necessary instructions will be issued separately in this matter. “
UPI user base reaches 42.4 crore
According to RBI, the user base of UPI has reached 42.4 crores. However, there is a possibility of further expansion in the user base. There is also a proposal to introduce delegated payments in UPI. Shaktikanta Das said that ‘delegated payments’ will allow one person (primary user) to set UPI transaction limits for another person (secondary user) on the bank account of the primary user.
Repo rate kept stable for the 9th consecutive time
Let us tell you that RBI did not change the repo rate for the 9th consecutive time today. While announcing the decisions taken in the RBI MPC meeting which started on 6th August, Shaktikanta Das made a big announcement today and announced to keep the repo rate stable at 6.5 percent.
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