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NPCI: There has been a rapid increase in UPI transactions in the country. Almost every person using a smartphone is using UPI for small to large transactions and money transfer. From big shopkeepers to small roadside shops, everyone has adopted the QR code payment system. However, questions have always been raised about its daily limit.
Now the National Payments Corporation of India (NPCI) has also resolved this problem. From Monday, September 16, i.e. today, the daily limit of UPI transactions is going to increase for many things. Let us give you all the information about it. As per the instructions of the Reserve Bank of India (RBI), NPCI (National Payments Corporation of India) has decided to increase the limit of UPI transactions in many places from September 16.
After the monetary policy meeting on August 8, RBI had announced to increase the UPI transaction limit. NPCI has also informed all UPI apps, payment service providers and banks about this. They have also been asked to update their systems as per the new instructions.
According to NPCI, under the new rules, from today you will be able to transfer up to Rs 5 lakh through UPI for tax payment. Transactions up to Rs 5 lakh will also be possible in hospital bills, educational fees, IPO and retail direct schemes. However, the increased limit will not be used in every transaction. Earlier, NPCI had changed the limit of UPI transactions in December, 2021 and December, 2023. Apart from this, UPI Circle has also been launched to facilitate transactions by multiple people from the same account.
Currently, there is a daily limit of Rs 1 lakh for all other types of UPI transactions. However, individual banks can set this limit as per their discretion. Allahabad Bank's UPI transaction limit is Rs 25,000. Apart from this, HDFC Bank and ICICI Bank accept transactions up to Rs 1 lakh. Apart from this, the limit for capital markets, collections, insurance and overseas transactions (foreign inward remittances) is up to Rs 2 lakh per day.