NPCI to double the UPI transaction limit; users can withdraw up to ₹2 lakh

The National Payments Corporation of India (NPCI) is all set to raise the transaction cap from ₹1 lakh to ₹2 lakh in order to push the digital payment system in the country.

The transaction limit will be doubled starting from the next fiscal year for payments through Unified Payment Interface (UPI) at stores run by ‘verified merchants’, ET Tech reported.

NPCI circulated notice regarding the increased transaction limit to all member banks on the UPI network. The notice informed that the new limit will be applicable for other high-ticket transactions including investment in the capital market, bill collections, insurance premiums, and pre-approved disbursements. This will not apply for peer-to-peer transfers, the ET Tech report added.