For users of UPI, the Reserve Bank of India (RBI) has offered significant assistance. The maximum amount that can be paid with UPI has been raised by the central bank from Rs 1 lakh to Rs 5 lakh.
Following the three-day bi-monthly
Monetary Policy Committee (MPC) meeting, RBI Governor Shaktikanta Das addressed the media, stating that UPI’s easy characteristics have made it the most preferred payment method. According to him, the MPC has raised the maximum amount that may be paid with UPI to Rs 5 lakh. The current UPI payment limit is one lakh rupees. Shaktikanta Das told the media following the MPC meeting that the Reserve Bank had reviewed and raised the limitations for some use cases. These consist of groups such as capital markets, IPO subscriptions, loan recovery, insurance, medical, and educational services.
A plan to make data on digital lending apps
publicly available for looking into unregistered businesses was also stated by Shaktikanta Das. Notably, 42.4 crore people use UPI, according to the RBI. It is anticipated that the plan to include “Delegated Payments” in UPI will expand the acceptance and use of digital payments throughout the nation. Based on data from the National Payment Corporation of India (NPCI), payments made via the Unified Payments Interface (UPI) showed an annual growth of 45 percent. Moreover, the value of transactions increased by more than 35% to reach Rs 20.64 trillion. For the third month running, the total amount of transactions has surpassed Rs 20 trillion. Compared with June, the volume of UPI transactions grew by 3.95 percent in July, while the value of transactions increased by 2.84 percent.
The overall value of
transactions as of June 2024 were Rs 20.07 trillion, while NPCI data also showed that the average daily transaction value through UPI in July 2024 was Rs 466 million, or about Rs 66,590 crore. Compared with June, the volume of UPI transactions grew by 3.95 percent in July, while the value of transactions increased by 2.84 percent.
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