Thursday, June 20, 2024

Another good news for UPI users was provided by RBI! automated payments

If you utilize UPI, you will find this news to be helpful. The Reserve Bank of India (RBI) has raised the limit on automatic payments from Rs 15,000 to Rs 1 lakh per transaction. However, certain categories will be the only ones able to use this function. Its purview has also extended to mutual funds. For recurrent transactions over Rs 15,000, a relaxation of the “Additional Factor of Authentication” (AFA) is currently permitted when executing e-instructions/standing instructions on cards, prepaid payment instruments, and UPI.


A statement was made at MPC about UPI

In a circular on “Execution of e-instructions for recurring transactions,” the RBI stated that it was “raising the single transaction limit for mutual fund subscription, payment of insurance premium, and credit card bill payment from Rs 15,000 to Rs 1,00,000.” The decision has been made. RBI Governor Shaktikanta Das indicated last week that the limit for automatic transactions using UPI would be raised from Rs 15,000 to Rs 1 lakh during the bi-monthly monetary policy review.


For a significant portion of the population,

UPI continues to be the go-to digital payment option, with over 11.23 billion transactions in November. During the Monetary Policy Committee meeting, the Central Bank made several significant decisions. For the fifth day in a row, the RBI maintained the repo rate at 6.5 percent to keep inflation within a four percent range. The estimate of the nation’s GDP growth for the current fiscal year was also raised to 7%.

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