UPI UPDATE: Now it has been decided to increase the transaction limit from UPI, which will directly reduce the problems of the users. You can transact up to Rs 5 lakh at the time of e-marketplace, travel booking, collection, and jewellery purchase. NPCI has given good news by increasing the limit of transactions for some categories.
Along with this, it has now been decided to increase the maximum limit of transactions to Rs 5 lakh in the category related to tax payment. Earlier, such a huge limit could not be transferred at once. This is considered a relief and convenience decision for UPI users. Category-wise limit has been kept, from which you can know the related update.
Know how much payment can be made?
According to NPCI, the new limit is expected to apply to government e-marketplace, travel, business and other merchant services. Users can easily make payments of up to Rs 5 lakh without any hassle if they are making a big transaction from a government shopping portal, a travel website or a merchant.
NPCI has decided to increase the limit in the categories related to insurance premiums and capital market investments. Now, payments of up to Rs 10 lakh can be easily made on these services through UPI in 24 hours. Those who want to make big transactions will get the benefit of this.
How has the limit been changed?
According to the new guidelines, changes have been made in services like government e-marketplace, travel booking, collection, jewellery purchase and credit card payment. It has been decided to fix the limit of one transaction up to Rs 5 lakh. Along with this, the total limit of 24 hours for credit card and jewellery purchases has been fixed at Rs 6 lakh, respectively. The limit for digital account opening and initial funding is going to remain up to Rs 2 lakh.
Know on what basis you will get the service.e
NPCI clarified the situation and said that the increased limit will apply only to those who belong to the Verified Merchant category. It will be the responsibility of the banks to provide this service to these merchants. So that the transaction can remain safe. Along with this, banks will also have the right to set the limit on the basis of their internal policies.
