UPI is a payment option used by millions of people in India. The reserve bank of india (RBI) has emphadata-sized on expanding the scope of UPI payments. For this, RBI has increased the transaction limit of UPI payment for hospitals and educational institutes to 5 lakh from december 8, 2023. This means that now you can use Unified Payment Interdata-face (UPI) payment not only for small transactions but also for transactions as large as Rs 5 lakh. Earlier this limit was fixed at Rs 1 lakh per transaction. Announcing the decisions of the Monetary Policy Committee (MPC), RBI governor Shaktikanta Das said that the limits of UPI transactions for various categories are reviewed from time to time.
It is now proposed to raise the UPI transaction limit for payments to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction. For your information, in remaining categories, UPI's transaction limit per transaction is Rs. 1 lakh fixed. The transaction limit for UPI payments for capital markets (AMC, broking, mutual funds, etc.), collections (credit card payments, loan repayments, EMIs), insurance, etc. is capped at Rs 2 lakh. In december 2021, the transaction limit for UPI payments for retail direct plan and IPO subscription has been increased to Rs 5 lakh.
It is known that this move will enable consumers to make higher UPI payments for educational and healthcare purposes. The announcement to increase the UPI payment limit is a good step which will enable better transactions. Increasing this limit in healthcare institutions will greatly benefit patients and hospitals as they can make transactions easier and faster.
It is now proposed to raise the UPI transaction limit for payments to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction. For your information, in remaining categories, UPI's transaction limit per transaction is Rs. 1 lakh fixed. The transaction limit for UPI payments for capital markets (AMC, broking, mutual funds, etc.), collections (credit card payments, loan repayments, EMIs), insurance, etc. is capped at Rs 2 lakh. In december 2021, the transaction limit for UPI payments for retail direct plan and IPO subscription has been increased to Rs 5 lakh.
It is known that this move will enable consumers to make higher UPI payments for educational and healthcare purposes. The announcement to increase the UPI payment limit is a good step which will enable better transactions. Increasing this limit in healthcare institutions will greatly benefit patients and hospitals as they can make transactions easier and faster.
