RBI: In the circular issued by RBI, it was said that it has been decided to increase the transaction limit for mutual fund membership, payment of insurance premium and credit card bill etc. from Rs 15,000 to Rs 1,00,000.
Reserve Bank of India: If you are a UPI user then this news is useful for you. The limit of automatic payment has been increased by the Reserve Bank of India (RBI) from Rs 15,000 to Rs 1 lakh per transaction. But this facility will be available only for some categories. Mutual funds have also been included in its scope. As of now, relaxation in ‘Additional Factor of Authentication’ (AFA) is allowed while executing e-instructions/standing instructions on cards, prepaid payment instruments and UPI for recurring transactions above Rs 15,000.
Announcement was made during MPC
“Increasing the single transaction limit for mutual fund subscription, payment of insurance premium and credit card bill payment from Rs 15,000 to Rs 1,00,000,” RBI said in a circular on ‘Execution of e-instructions for recurring transactions’. It has been decided. During the bi-monthly monetary policy review last week, RBI Governor Shaktikanta Das had announced to increase the limit for automatic transactions through UPI from Rs 15,000 to Rs 1 lakh.
With more than 11.23 billion transactions in the month of November, UPI remains the preferred method of digital payment for a large section of the society. Many important decisions were taken by the Central Bank during the meeting of the Monetary Policy Committee. RBI kept the repo rate at 6.5 percent for the fifth consecutive time to bring the inflation rate within the range of four percent. Along with this, the country’s GDP growth estimate for the current financial year was increased to 7 percent.
