RBI Big Announcement: increased UPI transaction limit to Rs 5 lakh

The Reserve Bank of India (RBI) on December 8 raised the Unified Payment Interface (UPI) transaction limit for education and healthcare facilities to Rs 5 lakh. RBI Big Announcement: increased UPI transaction limit to Rs 5 lakh.

UPI transaction limit for education and healthcare facilities is Rs 5 lakh. We propose to raise it to,” RBI Governor Shaktikanta Das said in his MPC statement. Earlier the transaction limit was Rs 1 lakh.

Narendra Modi Government Made Big Changes In UPI Payment

Even now Unified Payments Interface (UPI) transaction is widespread. Most people who have PhonePe, Google Pay, Paytm on smartphones do UPI transactions. Through this, you can send or receive money to those who need it in an instant. Narendra Modi government made big changes in UPI Payment.

Amidst this development, the Government of India has taken an important decision. Yes, the cases of cyber fraud are increasing in India and the government has taken an excellent decision to prevent this. Accordingly, UPI has proposed to apply the minimum time limit.

UPI Minimum Time Limit: Digital payments are growing rapidly in India. Transaction through UPI is common especially in rural areas. With this growth of these digital payments, the cases of online fraud are also on the rise and with the aim of preventing such frauds, the government of India has decided to implement the UPI minimum time limit. Thousands of numbers have already been blocked by detecting which numbers have been used for fraud.

Now the government has come forward to impose some restrictions on UPI transactions to prevent online payment fraud. It means that a limit of 4 hours may be imposed, according to important sources. You know that any UPI payment happens between two users. One of these two is the payer and the other is the receiver.

But now it is proposed to impose a minimum time limit for the first UPI transaction between two users. Accordingly, this minimum time limit is said to be 4 hours. It is learned that it is considering implementing a minimum time for amounts above Rs 2,000 in this business.