UPI transaction limit for payment to hospitals, educational institutions raised from Rs.1 lakh to Rs.5 lakh
Mumbai: The Reserve Bank of India (RBI) has raised UPI transaction limit for payment to hospitals and educational institutions from Rs.1 lakh to Rs.5 lakh per transaction.
“The limit for various categories of UPI transactions has been reviewed from time to time. It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs.1 lakh to Rs.5 lakh per transaction. This will help the consumers to make UPI payments of higher amounts for education and healthcare purposes” said RBI Governor Shaktikanta Das.
Enhancement of limit e-Mandates for specified categories raised to Rs.1 lakh
e-Mandates for making payments of recurring nature have become popular among customers. Under this framework, an additional factor of authentication (AFA) is currently required for recurring transactions exceeding Rs.15,000. It is now proposed to enhance this limit to Rs.1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments. This measure will further accelerate the usage of e-mandates.