Comply with higher UPI transfer limit by Jan 10, NPCI directs members

The National Payments Corporation of India (NPCI) has directed members to comply by January 10 with the Reserve Bank of India’s (RBI’s) decision to increase the UPI transaction limit to Rs 5 lakh for hospitals and educational services.

To ensure compliance, the NPCI has instructed banks, payment service providers (PSPs), and UPI applications to increase transaction limits for the specified merchant categories.

“It is a move in the right direction. The average ticket size has gone up in these sectors. So, it’s a good move to increase the limits,” said Vishwas Patel, joint managing director, Infibeam Avenues. He anticipates no significant challenges in implementing these changes by January 10.