On November 8, 2023, Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), made a significant announcement regarding the Unified Payment Interface (UPI) transactions. The Central Bank Governor revealed an increase in the UPI transaction limit, allowing individuals to make payments up to Rs 5 Lakh, a notable rise from the previous Rs 1 Lakh limit. This adjustment specifically applies to payments related to hospitals and educational institutions.
In essence, these changes bring about a substantial enhancement in the flexibility and scope of UPI transactions, particularly benefiting individuals making payments in the specified categories of healthcare and education.
The Reserve Bank of India (RBI) has introduced an e-mandate system for payments, with a notable increase in the limit from Rs 15,000 to Rs 1 Lakh. This elevated limit is applicable to various transactions, including mutual fund subscriptions, insurance premium payments, and credit card repayments. The initiative is designed to promote the widespread adoption of e-mandates, offering customers a simplified and convenient method for managing recurring payments.
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