UPI transaction rules 2024: New regulations applicable from January 1

To expand the scope of United Payments Interface (UPI), the Reserve Bank of India (RBI) announced several changes to rules and regulations around it in 2023. Many of these new rules for UPI payments have come into effect from January 1.

These changes include an increase in transaction limits to deactivate inactive UPI IDs.

UPI new rules: 5 key changes effective from January 1, 2024

UPI transaction limit hiked for hospitals, schools

In the bi-monthly Monetary Policy Committee (MPC) announcement, Shaktikanta Das, governor of the RBI, announced that the transaction limit for UPI payments made to hospitals and educational institutions has been hiked to Rs 5 lakh from Rs 1 lakh earlier. This was done to improve the adoption of UPI for online payments.