Economy News

The Reserve Bank of India (RBI) stated that to encourage the use of UPI for medical and educational services, it is proposed to enhance the limit for payments to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction. Separate instructions will be issued shortly. Unified Payments Interface or UPI continues to grow in popularity. The transaction limit for UPI is capped at Rs 1 lakh, except a few categories like Capital Markets (AMC, Broking, Mutual Funds, etc.), Collections (Credit card payments, Loan re-payments, EMI), Insurance etc. where the transaction limit is Rs 2 lakh. In December 2021, the transaction limit for UPI payments for Retail Direct Scheme and for IPO subscriptions was increased to Rs 5 lakh.

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