Mumbai, 15 September (IANS). The National Payment Corporation of India (NPCI) has increased the Unified Payments Interface (UPI) transaction limit for Person-to-CRINT (P2M) payments to Rs 10 lakh per day. This new border will be effective from Monday.
The move aims to facilitate large payments in major areas and promote digital adoption in high-value areas. However, NPCI has maintained the Person-to-Person (P2P) limit on Rs 1 lakh per day.
Earlier, large transactions users had to face the limit, which forced them to return to traditional methods like payment or check and bank transfer.
Under the new framework, the limit for capital market and insurance payment has been increased from Rs 2 lakh to Rs 5 lakh, while the daily limit is Rs 10 lakh.
The limit of government e-marketplace transaction has been increased from Rs 1 lakh to Rs 5 lakh per transaction. The limit for travel booking, loan repayment and EMI collection has also been increased from Rs 1 lakh to Rs 5 lakh.
Credit card bill payment is also allowed up to Rs 5 lakh in the same transaction, although the 24 -hour limit has been fixed at Rs 6 lakh.
For loan and EMI, users can now pay Rs 5 lakh per transaction, so that a total of 10 lakh rupees will be paid per day.
Apart from this, there has also been a slight increase in the purchase of jewelery, for this the UPI limit has been increased from Rs 1 lakh to Rs 2 lakh per transaction and Rs 6 lakh per day. Additionally, the limit of banking services such as fixed deposits through digital onboarding is now limited to Rs 5 lakh per transaction and Rs 2 lakh earlier.
-IANS
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