Key Points
The Reserve Bank of India (RBI) Friday raised the limits on payments through UPI by five times to Rs 5 lakh for specific situations and declared the formation of a repository for fintechs in what is seen as a big push to help expand digital payments and reduce dependence on physical cash or cheques for transactions...
Payments for educational and healthcare purposes, and the limit for e-mandates used to make recurring payments, such as buying mutual funds and paying insurance have been increased...
The limits of UPI transactions for payments made to hospitals and educational institutes have been raised by five times to Rs. 5 lakh per transaction, enabling consumers to make higher amounts of UPI payments for education and healthcare purposes...
It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from 1 lakh to 5 lakh per transaction, said the RBI governor Shaktikanta Das after the monetary policy review...
E-mandates for recurring payments to buy mutual funds, pay insurance premiums and credit card repayments will also be given for transactions up to Rs 1 lakh up from Rs 15,000 earlier, without an additional factor of authentication (AFA)..
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