National Payments Corporation of India (NPCI) gave a new facility to the people to accelerate the number of UPI in the country. Actually, from January 10, 2024, the limit of UPI transactions for hospitals and education services has been increased. Now online payment up to Rs 5 lakh can be made.
The Reserve Bank of India (RBI) had directed last month that payments up to Rs 5 lakh can now be made in hospitals and education services. Earlier, people had to face problems regarding UPI payment in these sectors. NPCI has ordered banks, payment service providers and UPI applications to increase the limit.
Earlier the UPI limit was Rs 1 lakh, which has now been increased to Rs 5 lakh. This limit will be applicable only on verified merchants. In such a situation, it is necessary for merchants to introduce UPI as a payment mode. Whereas the one day limit of UPI has been fixed at Rs 1 lakh.
In the Monetary Policy Committee held in the month of December, RBI has increased the UPI limit to Rs 5 lakh. This facility will also be available on all supporting apps of UPI like Paytm, Google Pay, PhonePe apps. This facility will be provided to customers in all banks also.
UPI transaction boom
There has been a rise in UPI payments in the country. By the year 2023 it will cross 100 billion. According to the data released by NPCI, about 126 crore UPI payments were made in the year 2022. At the same time, last year in 2023, its numbers have registered an increase of 60 percent.
