RBI enhances UPI transaction limit for these payments, industry welcomes the move

In a significant move to boost digital payments, the Reserve Bank of India (RBI) has announced a substantial increase in the Unified Payments Interface (UPI) transaction limit for hospitals and educational institutions. The new limit, effective immediately, stands at Rs 5 lakh, a significant jump from the previous limit of Rs 1 lakh. This change will enable users to conveniently make larger payments for healthcare and education expenses through the widely used UPI platform.

The RBI Governor, Shaktikanta Das, also announced an increase in the cap for e-mandates used for recurring payments. This limit has been raised from the existing Rs 15,000 to Rs 1 lakh, applicable for transactions like mutual fund subscriptions, insurance premium payments, and credit card repayments. This move aims to further encourage the use of e-mandates and simplify recurring payments for customers.