New Delhi: Reserve Bank of India (RBI) on Wednesdayb proposed to allow NPCI to revise UPI transaction limit for person to merchant as per needs of economy.

Announcing his second Monetary Policy after taking the helm at RBI, new RBI Governor Sanjay Malhotra announced six additional measures related to banking regulation, fintech and payment systems. 

“The other two announcements relate to enabling NPCI to decide, in consultation with the banks and other stakeholders, the transaction limits in UPI for person to merchant transactions; and making the Regulatory Sandbox theme-neutral and ‘on-tap’. Necessary directions for the implementation of these two measures shall be issued separately.”

The six-member Monetary Policy Committee (MPC) meeting that began on Monday, announce the decision to reduce the repo rates by 25 basis points to 6 percent.

The central bank has lowered the GDP growth forecast to 6.5 per cent from earlier projection of 6.7 per cent due to global uncertainties. RBI’s latest Monetary Policy comes fresh on the heels of US President Donald Trump’s hefty 26 percent reciprocal tariffs on Indian imports, effective today (April 9).

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