The Reserve Bank of India (RBI) has announced some limit increases for UPI transactions in its last two bi-monthly monetary policy.
UPI transaction limit announced in August 2024
The UPI transaction limit for tax payments has been increased in the Monetary Policy Statement of the Reserve Bank of India (RBI) dated August 8, 2024. The UPI limit will also be applicable on other transactions, including payments to hospitals, educational institutions, IPOs and RBI retail direct schemes.
The standard UPI transaction limit for peer-to-peer payments is Rs 1 lakh. However, individual banks may set their own UPI limits.
The limit for UPI transactions related to capital markets, collections, insurance and foreign inward remittances is Rs 2 lakh per day. UPI Transaction Limit October 2024 Announced Reserve Bank of India (RBI) last week announced some increase in the limit for UPI Lite and UPI123Pay RBI has announced to increase the UPI Lite wallet limit to Rs 5,000 from the current Rs 2,000. The central bank has said that the UPI123Pay per-transaction limit will be increased from Rs 5,000 to Rs 10,000. Users may note the following 2 UPI transaction limits (i) Per-transaction limit in UPI123Pay increased from Rs 5,000 to Rs 10,000; (ii) UPI Lite wallet limit increased from Rs 2,000 to Rs 5,000 and per transaction limit increased from Rs 500 to Rs 1,000
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