The Reserve Bank of India has announced that the UPI payment limit for payments to hospitals and educational institutions has been raised from Rs 1 lakh to Rs 5 lakh.
Easing Banking
Various initiatives are being taken to facilitate easy banking transactions. One such technological development is UPI (Unified Payments Interface). UPI is an advanced electronic money transaction service payment system by National Payments Corporation of India (NPCI), a not-for-profit organization supported by the Reserve Bank of India and the Banks Association of India. After the introduction of UPI facility no one keeps money even for emergencies. Everything from vegetable shop, salon shop, restaurant is UPI friendly.
Other agendas of the Committee Meet
Important decisions have been taken at the December Fiscal Policy Committee meeting held today (December 8) in Mumbai under the chairmanship of RBI Governor Shaktikanta Das. In this context, RBI Governor Shaktikanta Das said in a key announcement: “Currently, the limit for various types of UPI transactions is under frequent review. Accordingly, it is proposed to increase the UPI transaction limit for payments to hospitals and educational institutions. Accordingly, from Rs.1 lakh per transaction now to Rs. 5 lakhs has been increased.
It will enable higher payments to those who undertake UPI transaction for educational and healthcare purposes . “e-mandates for recurring payments have become popular among customers,” he said
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