New UPI transaction limits announced! Check new per transaction limits for UPI Lite Wallet & UPI 123Pay

Nowadays everyone uses UPI or UPI Lite for making even the smallest payments. In view of the increasing use of UPI, RBI Governor Shaktikanta Das has increased the payment limit through UPI Lite.

In the meeting, the limit of UPI Lite wallet has been increased from Rs 2,000 to Rs 5,000. At the same time, the transaction limit from UPI 123pay has been increased from Rs 5,000 to Rs 10,000. That is, now you can make payments of up to Rs 5,000 from UPI Lite wallet.

What is UPI 123 Pay feature?

UPI 123Pay is an instant payment system for feature phone users who can use UPI payments in a secure and reliable way. Through UPI 123Pay, phone users can make different types of transactions based on four technology options. These include calling an IVR number, app functionality in feature phones, missed call-based and proximity sound based payments.

You can pay tax up to Rs 5 lakh through UPI

Apart from this, the Reserve Bank has also increased the limit for paying tax through UPI. Reserve Bank Governor Shaktikanta Das said that now the limit for paying tax through UPI is being increased from Rs 1 lakh to Rs 5 lakh per transaction.

The use of UPI will increase further

According to the PwC India report, by 2028-29, the total transactions on UPI will reach 439 billion from the current 131 billion. This shows that there is a possibility of a 91 percent increase in digital payments.

This announcement was made regarding NBFC

RBI has also issued new guidelines for banks and NBFCs regarding non-business floating rate loans. He said that banks and NBFCs cannot charge foreclosure charges and prepayment penalty on non-business floating rate loans. Meanwhile, he also said that the financial position of banks and NBFCs is strong. Banks and NBFCs should assess the exposure at a personal level. However, there is concern about the growth of some NBFCs.

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