UPI payment limit raised to Rs 5 lakh for these transactions: RBI . The Reserve Bank of India (RBI) has raised the transaction limit for Unified Payment Interface (UPI) payments to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction. Also for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments transactions up to Rs 1 lakh will not require an additional factor of authentication (AFA).
RBI Governor Shaktikanta Das, while announcing the decisions of the Monetary Policy Committee (MPC) on December 8, 2023, said that the Reserve Bank of India (RBI) will expand the reach of UPI payments.
"The UPI transaction limit for various categories is reviewed from time to time. It is now proposed to raise the UPI transaction limit for payments to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction. The transaction limit of UPI has been restricted to Rs 1 lakh per transaction except for certain categories. Capital Markets ( The transaction limit for UPI payments for AMC , broking, mutual funds, etc.), collections (credit card payments, loan re-payments, EMI), insurance, etc. has been capped at Rs 2 lakh.In December 2021, the transaction limit for UPI payments for retail direct scheme and IPO subscriptions has been increased to Rs 5 lakh.
— ReserveBankOfIndia (@RBI) December 8, 2023
All three transactions have no OTP for UPI auto payments up to Rs 1 lakh. It's going to help you The move will help consumers make UPI payments of higher amounts for educational and healthcare purposes, Das said. This initiative not only facilitates large scale transactions in key sectors but also demonstrates the government's commitment to harness digital finance as a tool for inclusive economic development.”
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