New UPI transaction limits announced! Check new per transaction limits for UPI Lite Wallet & UPI 123Pay – Times of India
New UPI transaction limits announced: In good news for UPI users, RBI governor Shaktikanta Das on Wednesday announced that the UPI transaction limits will be enhanced. “UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation,” he said.
Shaktikanta Das made this announcement as part of his monetary policy statement.The RBI governor said:
To further encourage wider adoption of UPI and make it more inclusive, it has been decided:
- First, to enhance the per transaction limit in UPI 123Pay from Rs 5,000 to Rs 10,000
- It has also been decided to increase the UPI Lite wallet limit from Rs 2,000 to Rs 5,000, and per transaction limit from Rs 500 to Rs 1,000
Shaktikanta Das also said, “At present, UPI and Immediate Payment Service (IMPS) provide a facility for the remitter of funds to verify the name of the receiver (beneficiary) before executing a payment transaction. It is now proposed to introduce such a facility for the Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) system.”
“This facility will enable the remitter to verify the name of the account holder before effecting funds transfer to him/her through RTGS or NEFT. This will also reduce the possibility of wrong credits and frauds,” he said.
This story is being updated
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