Government’s big gift on UPI payment! Payment limit increased from 1 to 5 lakh, new rule implemented from January 10, know which users will benefit?
The Central Government has given a big gift in the New Year to those making online payments. At present, online payment is used a lot, but a major problem in facilitating online payment was the set limit. Meaning, the government had banned transactions of more than Rs 1 lakh in a day. However, now National Payment Corporation of India i.e. NPCI in collaboration with Reserve Bank of India i.e. RBI has found a solution to this problem, after which UPI payment of Rs 5 lakh can be made at one time. However, it has some conditions, which all users should know.
Limit increased from 1 lakh to 5 lakh
NPCI has given relaxation in online payment of Rs 5 lakh at a time for payment of essential institutions like hospitals and educational institutions. This new rule will come into effect from January 10. After this, users will be able to pay a maximum of Rs 5 lakh at one time to pay the bills of all educational institutes and hospitals. For this, advisory has been issued by NPCI to banks and payment service providers.
Payment limit increased
The payment limit of Rs 1 lakh to Rs 5 lakh will be implemented by NPCI for verified merchants. The merchant will be required to enable UPI as a payment mode with the increased limit. At present, the UPI payment limit has been kept at Rs 1 lakh per day by the National Payments Council of India (NPCI). In the last monetary policy review meeting, RBI had proposed a payment limit of Rs 5 lakh. Due to which payment apps like Paytm, Google Pay and PhonePe will benefit.
