UPI Transaction Limit Increase: According to RBI, the Unified Payments Interface (UPI) user base has reached 42.4 crores. However, there is still a possibility of further expansion in the user base.
UPI Transaction Limit Increase: The Reserve Bank of India (RBI) has announced to increase the limit of tax payment through UPI. Giving information about the decisions taken in the three-day meeting of the Monetary Policy Committee (MPC) which started on Tuesday, RBI Governor Shaktikanta Das said that UPI has become the most preferred method of payment. Currently, the limit of tax payment for UPI is Rs 1 lakh, which has been decided to be increased to Rs 5 lakh.
Shaktikanta Das said that based on diversified usage, the Reserve Bank has reviewed and increased the UPI payment limit for certain categories such as capital market, IPO subscription, debt collection, insurance, medical and educational services from time to time. He 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 regard. ”
UPI user base is 42.4 crore
According to RBI, the Unified Payments Interface (UPI) user base has reached 42.4 crores. However, there is still scope for further expansion in the user base. There is also a proposal to introduce ‘delegated payments’ in UPI. Das said that ‘delegated payments’ will allow one person (primary user) to set UPI transaction limits for another person (secondary user) on the primary user’s bank account. This is expected to increase the reach and use of digital payments across the country. Detailed instructions will also be issued soon in this regard.
Eye on digital loan apps
RBI has proposed to publicly display the data of digital loan apps to check unauthorized companies. Das said that the guidelines were issued on September 2, 2022 to address concerns on protection of customer interests, data privacy, interest rates and recovery processes, mis-selling, etc. However, media reports have exposed the presence of unscrupulous companies in digital loan offerings that falsely claim to be associated with RBI (RE).
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