NPCI has increased the UPI payment limit to Rs 5 lakh after the approval of the Reserve Bank. This will greatly benefit the medical and education sectors. The new rule will come into effect from January 10, 2024. NPCI has issued advisory to banks and payment service providers. The government will be encouraged to implement these rules.
If you make online payment, you are going to get big benefits from today. Because National Payment Corporation of India i.e. NPCI has increased the UPI payment limit to Rs 5 lakh after the approval of RBI. Meaning, now users will be able to make UPI payment of maximum Rs 5 lakh in a day. Let us tell you that there was a demand for relaxation in UPI payment limit for a long time, which has been implemented from today.
Who will get the benefit?
The benefit of UPI payment limit of Rs 5 lakh will be available in medical and education sectors. Meaning, if you make payment to the hospital during illness, or want to make payment for any education, then you will be able to make UPI payment of Rs 5 lakh in a day. Let us tell you that till now this limit used to be Rs 1 lakh. Meaning users will be able to make UPI payment of Rs 5 lakh in a day.
When will the new rule come into effect?
The rule of increasing UPI payment limit to Rs 5 lakh is coming into effect from today i.e. January 10, 2024. NPCI has issued an advisory to banks and payment service providers to implement the increased limit of Rs 5 lakh.
Big advantage for PhonePe, Google Pay
UPI payments are continuously increasing in India. After the UPI payment limit of Rs 5 lakh, users of payment platforms like PhonePe, Google Pay, Paytm will get a big benefit. PhonePe is most used in India. After this Google Pay and then Paytm is included at number three.
