New Delhi: The Reserve Bank of India (RBI) in its last two bi-monthly monetary policy has announced a couple of limit hike for UPI transactions.
The Reserve Bank of India’s (RBI) monetary policy statement on August 8, 2024, raised the UPI transaction limit for tax payments. UPI limit will also apply to other transactions, including payments to hospitals, educational institutions, IPOs, and RBI retail direct schemes.
The standard UPI transaction limit for peer-to-peer payments is Rs 1 lakh. However, individual banks can set their own UPI limits.
UPI transactions related to capital markets, collections, insurance, and foreign inward remittances have a limit of Rs 2 Lakh per day
The Reserve Bank of India (RBI) last week announced a couple of limit hike for UPI Lite and UPI123Pay
RBI has announced to increase UPI Lite wallet limit from Rs 2,000 at present to Rs 5,000. Further the central bank has said that UPI123Pay per-transaction limit will be hiked from Rs 5,000 to Rs 10,000.
Users can note the following 2 UPI transaction limit
(i) Per-transaction limit in UPI123Pay hiked from Rs 5,000 to Rs 10,000;
(ii) UPI Lite wallet limit increased from Rs 2,000 to Rs 5,000 and per-transaction limit from Rs 500 to Rs 1,000
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