UPI new transaction limit: Capital markets (AMC, broking, mutual funds, etc.), collections (credit card payments, loan payments, EMIs), insurance, etc., where the transaction limit is Rs 2 lakh, as per standard UPI transactions. The limit is limited to Rs 1 lakh.
UPI new transaction limit: On December 8, 2023, the Reserve Bank of India (RBI) had announced to increase the transaction limit for UPI payments for hospitals and educational institutions to Rs 5 lakh. Now the National Payment Corporation of India (NPCI) has asked banks, PSPs (payment service providers) and APs to implement the decision taken by January 10, 2024.
According to the NPCI circular dated December 19, 2023, ‘With UPI emerging as a preferred payment method, there is a need to increase the per transaction limit in UPI for specific categories, as per the RBI Statement on Developmental and Regulatory Policies dated December 8, 2023. Is. Keeping the above in mind, the value limit in UPI for merchants under categories related to hospitals and educational services per transaction has now been increased to Rs 5 lakh. This increased limit will be applicable only on ‘verified merchants’. Members are requested to ensure its compliance by 10 January 2024.
How to avail this service?
1. Banks, PSPs and API apps must ensure that the per transaction limit is increased for the merchant categories listed above.
2. The acquiring organization is responsible to ensure that merchants are added to the verified merchant list only after proper verification.
3. To achieve higher limits for these categories, merchants must guarantee that UPI is available as a payment option.
UPI limit on other transactions
Capital Markets (AMC, Broking, Mutual Funds, etc.), Collections (Credit Card Payments, Loan Payments, EMIs), Insurance, etc., where the transaction limit is Rs 2 lakh, standard UPI transaction limit is up to Rs 1 lakh is limited.
