New Delhi: The Reserve Bank of India today decided to relieve the middle class. RBI has decided to make digital payments easier and better. Now, any customer, shopkeeper, or merchant can make payment through UPI. Along with this, the National Payment Corporation of India (NPCI ) will decide to fix the limit of that transaction.
However, at present, the limit of person-to-person-to-merchant is one lakh rupees. In some cases, this limit for merchant payment also ranges from two lakh to five lakh rupees. This is considered to be a big decision of the RBI. Apart from this, the RBI has also reduced the repo rate, which will relieve banks and borrowers.
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UPI system will be better
RBI has taken big decisions to make the UPI system stronger. RBI Governor Sanjay Malhotra gave a lot of information after the monetary policy committee meeting on Wednesday. He said that the purpose of this decision is to make the UPI system more innovative and user-friendly.
After the decision of the RBI, NPCI will set the transaction limit for different categories as per the requirement. Even though NPCI will set a limit, the bank can also set its internal limit within it. At the same time, the RBI has also clarified that the limit of person-to-person transactions will be fixed at Rs 1 lakh.
Security will also be taken care of
RBI Governor Sanjay Malhotra said that if the limit increases, the necessary security system will also be installed to reduce the associated risks. The decision will be taken after talking to banks and other payment partners. For information, let us tell you that there has been a tremendous increase in UPI transactions in March 2024. 18.3 billion transactions have been done this month. There are 13.59% more than 16.11 billion transactions in February.
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