Reserve Bank of India (RBI) governor Shaktikanta Das announce that the Unified Payments Interface (UPI) transaction limits for certain transactions has hike. The central bank governor also announce new limits for e-mandates for recurring payments.
According to the new UPI transaction limit rules, you can make payments through UPI up to Rs 5 lakh instead of the earlier Rs 1 lakh for specific payments.
These payment categories include hospitals and educational institutes.
RBI Governor, Shaktikanta Das said :
“The limit for various categories of UPI transactions has been reviewed from time to time. It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction,”.
“This will help the consumers to make UPI payments of higher amounts for education and healthcare purposes,”.
New Rules : E-mandate for Recurring Payments
The Reserve Bank of India (RBI) has in place e-mandates for making payments which are recurring in nature.
The present limit above which additional factor authentication is require is Rs 15,000.
This limit has now enhance to Rs 1 lakh for mutual funds subscriptions, insurance premium subscriptions and credit card repayments.
Shaktikanta Das said :
“e-Mandates for making payments of recurring nature have become popular among customers,”.
Under this framework, an additional factor of authentication (AFA) is currently require for recurring transactions exceeding Rs 15,000.
RBI Governor said :
“It is now proposed to enhance this limit to Rs 1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments,”.
“This measure will further accelerate the usage of e-mandates,”.
Shaktikanta Das made these announcements as part of the Monetary policy statement for the month of December, 2023.
The Monetary Policy Committee (MPC) decide to keep the key repo rate unchange for the 5th consecutive time.
