RBI increased UPI limit for these places, now you can make payment up to Rs. 5 lakh

Business Desk: Giving relief to the people, the Reserve Bank of India (RBI) on Friday increased the limit of payment through the popular payment platform UPI (Unified Payment Interface) for treatment in hospitals and admission in educational institutions from Rupees 1 lakh to Rupees 5 lakh. Have paid Rupees.

The aim of this initiative is to increase the use of UPI for payments in the fields of medicine and education. Presenting the bi-monthly monetary policy review, RBI Governor Shaktikanta Das said on Friday, “It has been decided to increase the limit of payment through UPI for hospitals and educational institutions from the existing Rs 1 lakh to Rs 5 lakh.” ‘

According to the central bank, a separate instruction will be issued in this regard soon. It is noteworthy that except for some categories, the limit for payment through UPI is fixed at Rupees 1 lakh. Categories already exempted include capital markets (asset management companies, broking, mutual funds etc.), credit card payments, loan repayments, EMIs, insurance etc.

In these cases the limit for payment through UPI is Rupees 2 lakh. The central bank had earlier increased the limit for payment under UPI to Rupees 5 lakh for applications for Retail Direct Scheme (RDS) and IPO (Initial Public Offering). Under the Retail Direct Scheme of RBI, individual investors are allowed to invest in government securities without intermediaries.