New UPI Rules- Big news for UPI users. National Payments Corporation of India has increased the limit of big transactions from today. Earlier this limit was Rs 5 lakh, but now it has been doubled to Rs 10 lakh. This change will be applicable exclusively for verified merchants.
NPCI has clarified that this facility will mainly be applicable to large financial transactions like stock market investment, insurance premium, loan EMI and credit card bill payment. This means that now people will be able to easily settle these payments in one go.
Credit card bill payment: Up to Rs 5 lakh in one go.
Travel bookings and hotel payments: Up to Rs 5 lakh possible.
Loan & EMI: Per transaction limit Rs 5 lakh and daily maximum limit Rs 10 lakh.
No change on person-to-person transactions
The limit of P2P transaction between two persons will remain the same as before. A maximum of Rs 1 lakh can be transferred from one person to another daily. No change has been made in this.
Limits of individual apps
NPCI has also clarified that the existing limits of UPI apps will remain applicable as before.
Minimum KYC on PhonePe will be Rs 10,000 per day, full KYC will be Rs 2 lakh per transaction and Rs 4 lakh per day.
Talking about Paytm, it will have a limit of Rs 1 lakh per day, Rs 20,000 per hour and a maximum of 5 transactions.
You can transfer up to Rs 1 lakh per day on Google Pay (GPay) and a maximum of 20 transactions can be done in a day.
Why was this change made?
NPCI has taken this step in view of the ever-increasing use of digital payments. Earlier, customers had to make multiple transactions to settle large payments, but now this hassle will end and people will be able to make large payments like insurance, loan or investment in one click. This will make the transaction process faster and convenient and will strengthen Digital India.