UPI Payment Limit to Hospitals Educational Institutes Raised to Rs 5 Lakh RBI
1 year ago

UPI Payment Limit to Hospitals Educational Institutes Raised to Rs 5 Lakh RBI

Deccan Chronicle  

Mumbai: To encourage the use of UPI for medical and educational services, the Reserve Bank on Friday proposed to enhance the limit for payments to hospitals and educational institutions from Rs one lakh to Rs 5 lakh per transaction. Due to the ease of payments offered by it, UPI is emerging as a preferred mode of payment for not only small-value transactions but also for large-value transactions. Thus limits for e-Mandates for making payments of a recurring nature have been raised to Rs one lakh for mutual fund subscriptions, insurance premium subscriptions, and credit card repayments. Meanwhile, the Indian Banks Association and other bank unions have reached a consensus on wage revision and agreed to an annual increase of 17 percent in salaries for five years starting fiscal 2021-22.

Payment Upi  limits  transactions  revision  subscriptions  raised  educational  recurring  rbi  rs  limit  payments  wage  hospitals  institutes  upi  lakh  payment

History of this topic

From new limits to new features: All changes made in UPI in 2024
6 days, 1 hour ago

From new limits to new features: All changes made in UPI in 2024

India TV News  

The number of people making online payments through UPI is growing rapidly, doubling during the day and quadrupling at night. According to NPCI data released in November, there were approximately 15.48 million UPI transactions, amounting to an impressive Rs 21.55 lakh crore. Previously capped at Rs 5,000, the new daily limit is now Rs 10,000, allowing these users to conduct …

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024
1 week, 2 days ago

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024

Hindustan Times  

The Finance Ministry said on Saturday that from January to November of this year, 15,547 crore transactions of ₹223 lakh crore were handled through the Unified Payments Interface. From January to November of this year, 15,547 crore transactions of ₹ 223 lakh crore were made over the Unified Payments Interface, "demonstrating its transformative impact on financial transactions" in India.) The …

RBI increases UPI Lite transaction limit: How will you benefit?
2 weeks, 4 days ago

RBI increases UPI Lite transaction limit: How will you benefit?

India Today  

The Reserve Bank of India has raised the transaction limit for UPI Lite to Rs 1,000 per transaction and the wallet limit to Rs 5,000, compared to the earlier limits of Rs 500 and Rs 2,000, respectively. The UPI Lite framework, first introduced in January 2022 and updated in August 2023, was created to simplify small-value digital payments. Convenience for …

Reserve Bank of India raises UPI Lite wallet limit from ₹2,000 to ₹5,000
Trending News
2 weeks, 6 days ago

Reserve Bank of India raises UPI Lite wallet limit from ₹2,000 to ₹5,000

Op India  

The Reserve Bank of India on Wednesday revised the wallet limit for the UPI Lite from Rs 2,000 to Rs 5,000. As per the new rules introduced today, the upper transaction limit for UPI Lite under offline framework has been increased from Rs 500 to Rs 1,000 per transaction. “The offline framework has been updated and the enhanced limits for …

RBI revises wallet limit for UPI Lite from Rs 2,000 to Rs 5,000: Check new guidelines
2 weeks, 6 days ago

RBI revises wallet limit for UPI Lite from Rs 2,000 to Rs 5,000: Check new guidelines

India TV News  

In a significant development, the Reserve Bank of India on Wednesday revised the wallet limit for the UPI Lite from Rs 2,000 to Rs 5,000. According to the new rules introduced, the upper transaction limit for UPI Lite under offline framework has been increased from Rs 500 to Rs 1,000 per transaction. Check new guidelines As per the new regulations, …

Now, you will be able to transfer ₹5 lakh in a single UPI transaction under THIS category: Check details
3 months, 1 week ago

Now, you will be able to transfer ₹5 lakh in a single UPI transaction under THIS category: Check details

Live Mint  

NPCI revised the limit to ₹ 5 lakh for payments of tax, hospitals & educational services and payment for IPO and G-Secs If you rely on the Unified Payments Interface for most of your payments, then there is good news for you. {{^adFree}} {{/adFree}} So, now consumers will be able to make UPI payments of ₹5 lakh per transaction for …

Rs 81 lakh crore worth transactions processed by UPI in April-July | DETAILS
3 months, 3 weeks ago

Rs 81 lakh crore worth transactions processed by UPI in April-July | DETAILS

India TV News  

India's Unified Payments Interface processed nearly ₹ 81 lakh crore transactions in the April-July period this year, which is a staggering 37 per cent increase and surpassing all world's leading digital payments platforms. According to latest data by global payments hub Paysecure, UPI processed 3,729.1 transactions per second — a 58 per cent surge over the 2,348 transactions every second …

RBI Introduces Delegated Payment Through UPI, Cheque Clearing Time Reduced
4 months, 2 weeks ago

RBI Introduces Delegated Payment Through UPI, Cheque Clearing Time Reduced

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Thursday proposed to introduce Delegated Payments’ in UPI. Delegated Payments would allow an individual to set a UPI transaction limit for another individual on the primary user’s bank account. In another major announcement, the RBI also enhanced the limit for tax payments through UPI from ₹1 lakh to ₹5 lakh per transaction. At …

RBI enhances UPI tax payment limit to ₹5 lakh per transaction
4 months, 2 weeks ago

RBI enhances UPI tax payment limit to ₹5 lakh per transaction

The Hindu  

The Reserve Bank of India has decided to enhance the limit for tax payments via UPI from ₹1 lakh to ₹5 lakh per transaction, Governor Shaktikanta Das announced on Thursday. “As direct and indirect tax payments are common, regular and high value, it has been decided to enhance the limit for tax payments through UPI from ₹1 lakh to ₹5 …

Use Of UPI Payments In India Surged By 7.2% In 2022-23: Report
5 months, 2 weeks ago

Use Of UPI Payments In India Surged By 7.2% In 2022-23: Report

News 18  

The use of digital technologies for business activities in India, especially Unified Payments Interface for ordering, has increased significantly. According to a recent survey by the Department of Statistics, the use of the Internet for business purposes, be it for UPI payments or online ordering, has increased from 7.7 percent to 13.5 percent in rural areas and from 21.6 percent …

The UPI paradox: Making you overspend but helping others save
7 months, 2 weeks ago

The UPI paradox: Making you overspend but helping others save

India Today  

A small UPI code peeks out of the green coconuts heaped on Yuvraj Yadav's handcart outside a park in Delhi's GK-1. "A significant majority, 74.2% of the respondents, admitted to experiencing increased spending after adopting UPI," Dhruv Kumar, Assistant Professor of IIIT Delhi, tells IndiaToday.In. "Academic research suggests that paying with cash makes people spend more consciously than using digital …

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher
11 months, 3 weeks ago

UPI transactions hit a new record with ₹18.23 lakh crore in Dec; 54% higher

Live Mint  

The volume of UPI transactions continues to rise month after month as the total monthly transaction amount touched ₹18.23 lakh crore in Dec last year, 54 percent higher than the corresponding data of 2022. Also, the number of UPI transactions hit 11.24 billion in November and 11.41 billion in October. Month Transaction amount No of transactions Oct 17.16 11.41 billion …

5 new ways to use UPI payments as 2024 begins with these rule changes
11 months, 3 weeks ago

5 new ways to use UPI payments as 2024 begins with these rule changes

Hindustan Times  

As we enter the new year, it's essential to take note of the UPI rules that have been changed. National Payments Corporation of India have instructed payment apps to deactivate inactive UPI IDs after one year. Users of platforms like Google Pay and PhonePe must verify and ensure their UPI IDs remain active, also reviewing associated phone numbers for inactivity. …

India’s Growth Story is Linked to Progress Made on Digitisation and Its Access
1 year ago

India’s Growth Story is Linked to Progress Made on Digitisation and Its Access

The Quint  

The committee on Deepening Digital Payments constituted by the RBI in 2019 under the chairmanship of Nandan Nilekani had recommended that market forces should drive transaction prices for the inclusion of small startups and incentivising innovation. It underlined that while banks have a role in contributing to the payment system, the government and the RBI should also share the cost …

RBI raises UPI transaction limits, e-mandate bar; check all announcements
1 year ago

RBI raises UPI transaction limits, e-mandate bar; check all announcements

Hindustan Times  

Reserve Bank of India Governor Shaktikanata Das on Friday announced several decisions on the Unified Payments Interface, including raising the Unified Payments Interface payment limit to hospitals and educational institutions to ₹5 lakh from ₹1 lakh. The UPI, India's mobile-based fast payment system, enables users to make instantaneous, round-the-clock payments via Virtual Payment Address UPI limits increased: While unveiling the …

RBI hikes UPI transaction limit for hospitals and educational institutions
1 year ago

RBI hikes UPI transaction limit for hospitals and educational institutions

The Hindu  

The Reserve Bank of India raised the Unified Payments Interface payment limits for hospitals and educational institutions from ₹1 lakh to ₹5 lakh per transaction. “The enhanced limit will help consumers make UPI payments of higher amounts for education and healthcare purposes,” he said. It is now proposed to enhance this limit to ₹1 lakh per transaction for recurring payments …

UPI crosses 10 bn transactions second time in September
1 year, 2 months ago

UPI crosses 10 bn transactions second time in September

Deccan Chronicle  

Chennai: With Unified Payments Interface crossing 10 billion transactions for the second straight month, this seems to have become the new normal for the payment interface. UPI recorded 10.56 billion transactions worth Rs 15.8 lakh crore in September, according to the National Payments Corporation of India. While the transaction volume marginally increased from Rs 15.76 lakh crore in August to …

RBI Governor Das highlights UPI advancements: AI integration, enhanced transaction limit and UPI Lite
1 year, 4 months ago

RBI Governor Das highlights UPI advancements: AI integration, enhanced transaction limit and UPI Lite

India TV News  

RBI Governor Shaktikanta Das has announced several enhancements to the Unified Payments Interface aimed at improving ease of payments. These include the introduction of conversational AI for payments, the ability to conduct transactions using UPI in non-Internet environments through UPI Lite, and an increase in the transaction limit for small-ticket expenses from Rs 200 to Rs 500. Unlike the regular …

All panchayats to be declared UPI-enabled on August 15: Centre
1 year, 5 months ago

All panchayats to be declared UPI-enabled on August 15: Centre

The Hindu  

All panchayats across the country will mandatorily use digital payments for development work and revenue collection this Independence Day onwards, and be declared UPI-enabled, a letter issued by the Panchayati Raj Ministry said. States should "announce and inaugurate" the UPI-compliant panchayats in the presence of prominent dignitaries like Chief Ministers, MPs, and MLAs, the Ministry said in the letter to …

Photo Essay | Going QR: A Code for All Seasons
1 year, 5 months ago

Photo Essay | Going QR: A Code for All Seasons

The Hindu  

Published : Jun 29, 2023 11:00 IST - 4 MINS READ My father used to say that when he was young, just one rupee was enough to buy himself groceries for a whole week. With a smartphone connected to the Internet, an active bank account, and a mobile number linked to that bank account, one can make instant digital payments …

Data | UPI payments: relief for users, a headache for banks
1 year, 6 months ago

Data | UPI payments: relief for users, a headache for banks

The Hindu  

The dizzying array of daily limits on United Payments Interface transactions set by apps and banks — both in terms of value and volume — has put the spotlight on the rapid rise in such transactions in India in recent years. Such limits were introduced given the surge in the volume of UPI transactions in India in recent years after …

Explained | Daily limit on UPI transactions
1 year, 6 months ago

Explained | Daily limit on UPI transactions

The Hindu  

The story so far: As transactions facilitated by the Unified Payments Interface breach record highs, banks have opted for daily limits. As for apps, among others, Google Pay users breach the daily limit if they try to send money more than ten times in a single day across all UPI apps. The NPCI has also increased the value limit in …

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points
1 year, 6 months ago

In May, UPI hits record 9 billion transactions worth ₹14 lakh crore. Top points

Hindustan Times  

The Unified Payments Interface hit record 9 billion transactions in May, according to data released by the National Payments Corporation of India. Let's continue this journey of growth and innovation!” The overall value of the transactions in May stood at 14.89 lakh crore and saw an increase of 43% on year-over-year basis. The overall value of the transactions in May …

Explained | India’s UPI push
1 year, 10 months ago

Explained | India’s UPI push

The Hindu  

The story so far: On January 10, the National Payments Corporation of India paved the way for international numbers to be able to transact using UPI. Addressing theinfrastructural and technological changes required to support such payments, he said, “Currently, all the internal systems as well as ecosystem players such as banks, NPCI, etc only understand India-based mobile numbers for UPI …

Cabinet clears ₹2,600 cr scheme to promote RuPay debit card
1 year, 11 months ago

Cabinet clears ₹2,600 cr scheme to promote RuPay debit card

Hindustan Times  

The Cabinet on Wednesday approved a ₹2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions. "India's strides in digital payments will be further strengthened by today's Cabinet decision regarding promotion of RuPay Debit Cards and BHIM-UPI transactions," Modi said in a tweet. "The approved incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions in …

UPI apps like Google Pay, Paytm and PhonePe may impose transaction limits soon; details here
2 years, 1 month ago

UPI apps like Google Pay, Paytm and PhonePe may impose transaction limits soon; details here

Firstpost  

The National Payments Corporation of India, along with the Reserve Bank of India, has decided to implement its proposed 31 December deadline for limiting the volume cap for third-party app providers, as per reports. To avoid any monopoly by UPI apps, a proposal of a 30 per cent volume cap has been sent by the NPCI for approval from the …

UPI transactions up over 3 per cent at 678 crore in September: NPCI Data
2 years, 2 months ago

UPI transactions up over 3 per cent at 678 crore in September: NPCI Data

India TV News  

UPI transactions grew by over 3 per cent to 6.78 billion in September from a month ago, data from NPCI showed on Saturday. In value terms, 6.78 billion transactions in last month corresponds to transactions worth Rs 11.16 lakh crore, up from Rs 10.73 lakh crore in August, as per the National Payments Corporation of India data. In July, India …

RuPay introduces UPI payments through its credit cards. Details here
2 years, 3 months ago

RuPay introduces UPI payments through its credit cards. Details here

Hindustan Times  

The National Payments Corporation of India has announced a feature enabling linkage of RuPay credit card to the unified payments interface. By linking RuPay credit card on UPI, now the customers can benefit from increased opportunity to use their credit cards while the merchants will benefit from the increase in consumption by being a part of the credit ecosystem with …

UPI: To charge or not to charge
2 years, 4 months ago

UPI: To charge or not to charge

Hindustan Times  

From less than a crore in monthly transactions in July 2016, the value of United Payments Interface transactions has grown to ₹10.6 lakh crore in July 2022. The ministry’s view may be driven by prudence, but it also needs to look at the challenge of sustaining the digital payments revolution, and perhaps India the global leader in this realm. The …

Rise in Spending Through Credit Cards, Debit Cards, UPI Indicates Pick-Up In Consumption: FinMin
2 years, 6 months ago

Rise in Spending Through Credit Cards, Debit Cards, UPI Indicates Pick-Up In Consumption: FinMin

News 18  

Spending through credit cards and debit cards in April jumps 77.8 per cent and 12.5 per cent to Rs 1.05 lakh crore and 3.49 lakh crore, respectively. “Value of UPI transactions processed through the National Payment Corporation of India stood at Rs 10.4 lakh crore during May 2022, the highest since UPI was launched in 2016, registering month-on-month growth of …

RBI unveils Payments Vision 2025 with intent to increase e-payments
2 years, 6 months ago

RBI unveils Payments Vision 2025 with intent to increase e-payments

India TV News  

Highlights The core theme of the vision documents is E-Payments for Everyone, Everywhere, Everytime The volume of cheque-based payments are expected to be less than 0.25% of total retail payments UPI is expected to register average annualised growth of 50% and IMPS/ NEFT at 20% The RBI on Friday came out with its 'Payments Vision 2025' document which seeks a …

Debit, Credit Card Rule Changes Today: No OTP Needed for Recurring Payments Up To Rs 15,000
2 years, 6 months ago

Debit, Credit Card Rule Changes Today: No OTP Needed for Recurring Payments Up To Rs 15,000

News 18  

The Reserve Bank of India has announced that e-mandates for recurring payments have been hiked from Rs 5,000 to Rs 15,000. “The e-mandate framework prescribed an Additional Factor of Authentication, inter alia, while processing the first transaction in case of e-mandates / standing instructions on cards, prepaid payment instruments and Unified Payments Interface. “To further facilitate recurring payments like subscriptions, …

SBI, HDFC, ICICI Bank and Others: Using UPI? Know How Much Money You Can Send in a Day
2 years, 6 months ago

SBI, HDFC, ICICI Bank and Others: Using UPI? Know How Much Money You Can Send in a Day

News 18  

UPI Transactions: UPI or Unified Payments Interface has become one of the most popular transaction methods in India since its launch. See them here: – State Bank of India: The largest lender of India, State Bank of India or SBI UPI transaction limit is set at Rs 1 lakh per user, while the daily UPI limit is also set at …

UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform
2 years, 6 months ago

UPI-Credit Card: RBI's Decision To Give Another Filip To Homegrown Payment Platform

News 18  

UPI-Credit Card Linking: As the Reserve Bank of India has proposed to link credit cards to Unified Payments Interface, the homegrown virtual payment system has got yet another filip for its growth. Here’s details about UPI and credit card usage in India: Total UPI Transactions in India RBI Governor Shaktikanta Das, while announcing the decision, said, “UPI has become the …

RBI allows credit cards to be linked to UPI; Rupay credit cards first in line
2 years, 6 months ago

RBI allows credit cards to be linked to UPI; Rupay credit cards first in line

The Hindu  

The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface, which will enable more people to make payments using the popular platform. "…it is proposed to allow linking of credit cards to UPI," RBI Governor Shaktikanta Das said while announcing the regulatory moves, along with the bi-monthly policy review. He said that Rupay credit …

Debit Card, Credit Card Rule Change: E-mandate Limit for Recurring Payments Hiked to Rs 15,000
2 years, 6 months ago

Debit Card, Credit Card Rule Change: E-mandate Limit for Recurring Payments Hiked to Rs 15,000

News 18  

RBI MPC Decisions: The Reserve Bank of India on Wednesday, June 8, increased the limit on the mandates on recurring payments via cards, both credit and debit from Rs 5,000 to Rs 15,000 per transaction. “To further facilitate recurring payments like subscriptions, insurance premiums, education fees of larger value under the framework, the limit is being enhanced from Rs 5,000 …

RBI allows credit cards to be linked with UPI platform
2 years, 6 months ago

RBI allows credit cards to be linked with UPI platform

India TV News  

Highlights RBI today allowed credit cards to be linked with the unified payments interface It will enable more people to make payments using the popular platform At present, UPI facilitates transactions by linking savings or current accounts through debit cards RBI news updates : The Reserve Bank of India on Wednesday allowed credit cards to be linked with the unified …

UPI Reaches Another Milestone in May with Record Transactions Worth Rs 10 Lakh Crore
2 years, 6 months ago

UPI Reaches Another Milestone in May with Record Transactions Worth Rs 10 Lakh Crore

News 18  

UPI Makes Record: Unified Payments Interface transactions have reached yet another milestone in May, new data from the National Payments Corporation of India, or NPCI, showed. As per the data, India’s flagship digital payment platform UPI has broken yet another record by processing transactions worth more than Rs 10 lakh crore. As per data available on the NPCI website, UPI …

More than Rs 83 lakh crore exchanged using UPI mode of transaction in 2021-22
2 years, 8 months ago

More than Rs 83 lakh crore exchanged using UPI mode of transaction in 2021-22

India TV News  

Highlights UPI has been used for exchanging a value of Rs 83 lakh crore in the financial year 2021-22. The popular Unified Payments Interface digital payments method has clearly won hearts and has been used for exchanging a value of Rs 83 lakh crore in the financial year 2021-22. The transaction value till March 29 stood at Rs 8.8 lakh …

RBI to soon float paper on reasonableness of charges on transactions via digital payments
3 years ago

RBI to soon float paper on reasonableness of charges on transactions via digital payments

India TV News  

With a view to make digital transactions more affordable, the Reserve Bank of India will soon come out with a discussion paper on the reasonableness of charges on transactions through digital mode. Observing that concerted efforts by all stakeholders have led to a significant increase in digital payments in recent years, RBI Governor Shaktikanta Das said there have, however, been …

UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why
3 years, 11 months ago

UPI Payments via Google Pay, PhonePe and More May Not Function Properly For Few Days, Here's Why

News 18  

Customers using UPI for online transactions may face errors between 1 AM to 3 AM IST for the next few days as the National Payment Corporation of India is upgrading its digital payment platform. The development essentially means that users who are transacting through the UPI gateway via BHIM or third-party apps such as Google Pay, Paytm and PhonePe may …

No additional charges on UPI transaction, government rejects claims
4 years ago

No additional charges on UPI transaction, government rejects claims

Op India  

The Union government has rejected news reports that had earlier claimed that the centre had decided to impose additional charges for Unified Payments Interface transactions. Govt rejects claim of imposing additional charges for #UPI transactions.https://t.co/4KZUeLRDXl — All India Radio News December 9, 2020 Recently, in a report, Amar Ujala had claimed that UPI transaction will get expensive from January 1 …

UPI transactions rise 6.7% to 2.2 billion in November
4 years ago

UPI transactions rise 6.7% to 2.2 billion in November

Live Mint  

Unified Payments Interface transactions grew 6.7% sequentially to 2.2 billion in November, data released by the National Payments Corp. of India showed. For the first time, UPI transactions breached the 2-billion mark in October. Last month, NPCI managing director and chief executive Dilip Asbe said that daily UPI transactions could touch 1 billion in two to three years as new …

Opinion | Bridging the financial divide digitally
4 years, 3 months ago

Opinion | Bridging the financial divide digitally

Live Mint  

The world economy has succumbed to the covid-19 pandemic over the past few months, leading to steep cuts in discretionary purchase. The phenomenal growth of the Unified Payment Interface in a country as diverse as India has drawn attention of all the big tech companies around the world with firms like Google requesting the US Federal Reserve to build a …

The crisis has pushed card payments to shift to UPI: Ashneer Grover
4 years, 4 months ago

The crisis has pushed card payments to shift to UPI: Ashneer Grover

Live Mint  

India’s digital payments economy made a strong comeback during the pandemic as lockdown restrictions and fears of contracting infection forced consumers to look for alternatives to cash transactions. Covid-19 is not only providing strong tailwinds to the digital payments ecosystem but will also lead to digitizing and improving the underwriting capabilities of digital lenders in the long term, Ashneer Grover, …

UPI payments hit all-time high of 1.34 bn transactions in June
4 years, 5 months ago

UPI payments hit all-time high of 1.34 bn transactions in June

India TV News  

Payments on Unified Payments Interface in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India data. UPI payments had fell to 999.57 million in terms of volume with transactions worth Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted …

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