The Reserve Bank of India has provided major relief to UPI consumers. The central bank has increased the limit for making payments through UPI from Rs 1 lakh to Rs 5 lakh.
Addressing the media after the three-day bimonthly Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das said that UPI has become the most preferred mode of payment due to its convenient features.
He said that the MPC has increased the limit for making payments through UPI to Rs 5 lakh. Currently, the payment limit for UPI is Rs 1 lakh.
Speaking to the press after the MPC meeting, Shaktikanta Das said that the Reserve Bank has reviewed the limits for various use cases and has increased them
These include categories such as capital markets, IPO subscriptions, loan recovery, insurance, medical, and educational services.