The Reserve Bank of India announced on Thursday that it has increased the UPI transaction limit from Rs 1 lakh to Rs 5 lakh per transaction.
RBI Governor Shaktikanta Das announced during the third bi-monthly monetary policy meeting that the UPI transaction limit for tax payments has been increased from Rs 1 lakh to Rs 5 lakh.
“Currently, the transaction limit for UPI is Rs 1 lakh except for certain category of
payments which have higher transaction limits. It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI,” Das said.
Das also suggested the establishment of a public repository for digital lending apps to monitor and curb unauthorized players. He expressed concern about the increasing disbursals of top-up home loans and urged lenders to implement corrective measures.