UPI payment: RBI has emphasized on expanding the scope of some categories of UPI payments. Due to this, the UPI payment transaction limit for hospitals and educational institutions has been increased to Rs 500000 from December 8, 2023. We would like to tell you that earlier this limit was set at Rs 100000 per transaction. Let us know about it in detail.
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UPI Transaction Limit: UPI is a payment option which is used by millions of people in India. The Reserve Bank of India (RBI) stressed on expanding the scope of UPI payments. For this, RBI increased the transaction limit of UPI payment for hospitals and educational institutions to Rs 5 lakh from December 8, 2023.
That means now you can use Unified Payment Interface (UPI) payment not only for small transactions but also for big transactions of Rs 5 lakh. Let us tell you that earlier this limit was fixed at Rs 1 lakh per transaction.
UPI transactions up to Rs 5 lakh
- Announcing the decisions of the Monetary Policy Committee (MPC), RBI Governor Shaktikanta Das said that the limits on UPI transactions for different categories have been reviewed from time to time.
- It is now proposed to increase the UPI transaction limit from Rs 1 lakh to Rs 5 lakh per transaction for payments to hospitals and educational institutions.
What was the limit earlier?
- For your information, let us tell you that in the remaining categories, the transaction limit of UPI was fixed at Rs 1 lakh per transaction.
- The transaction limit for UPI payments for capital markets (AMC, broking, mutual funds etc.), collections (credit card payments, loan repayments, EMIs), insurance etc. was limited to Rs 2 lakh.
- In December 2021, the transaction limit for UPI payments for the Retail Direct Scheme and IPO subscription was increased to Rs 5 lakh.
How will the new change help?
- It is learned that this move will help consumers make UPI payments of higher amounts for education and healthcare purposes.
- The announcement of increasing the UPI payment limit is a good step, which will enable better transactions.
- Increasing this limit in health institutions will greatly benefit both patients and hospitals, as they can make easier and faster transactions.
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