RBI Boosts UPI Transaction Limits: Now Enable Payments Up to 5 Lakh Rupees Daily

The Reserve Bank of India (RBI) has introduced new guidelines for UPI transactions, allowing users to make payments of up to 5 lakh rupees in a single day. India stands out globally for having an efficient and fast payment system, primarily driven by UPI. This system enables individuals to effortlessly transfer money within a matter of seconds.

Nearly every segment of the population in India utilizes UPI, and if you’re a UPI user, you’re likely aware that, until recently, the daily transaction limit was capped at 1 lakh rupees. However, there’s good news as the RBI has now increased the UPI limit to 5 lakh rupees.

It’s important to note that this increased limit applies specifically to transactions made for payments to hospitals and educational institutions. Other types of transactions, including peer-to-peer transfers, remain subject to the previous 1 lakh rupees limit.

With this update, individuals can now make payments of up to 5 lakh rupees using UPI, providing added convenience for transactions involving larger amounts. The RBI has laid out guidelines for this new limit, specifying that it is primarily intended for specific sectors, enhancing ease of payment for critical services.

Additionally, the RBI has addressed the needs of users making payments for loans, bills, credit cards, and mutual funds through UPI. The limit for such transactions has been raised to 2 lakh rupees, allowing users to conveniently manage larger financial transactions within the UPI framework.

This move by the RBI is expected to further promote the use of digital payments in India, contributing to the nation’s journey towards a more digitally inclusive economy. Users are expressing satisfaction with these changes, as they not only save time but also facilitate quick and efficient payments.

Feel free to share your thoughts on this latest update from the RBI in the comments below.

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