UPI Payment: Govt Made a Big Announces, New Rules Regarding UPI Payment Will Be implemented From This Day
UPI Payment: For your information, let us tell you that the Central Government has given a big gift to those making online payments in the new year. Currently online payments are quite popular. But the set limit was a big challenge. That is, the government had banned transactions of more than one lakh rupees in a day. However, National Payment Corporation of India (NPCI) and Reserve Bank of India (RBI) together have solved this problem. With this, payment of Rs 5 lakh can be made at one time through UPI. But all users should know some of its conditions.
Range of 1 lakh to 5 lakh
NPCI has given relaxation in online payment of Rs 5 lakh to important organizations like educational institutions and hospitals in one go. This new rule will come into effect from January 10. After this, users will not be able to pay more than Rs 5 lakh at a time for every hospital and educational institution. For this, NPCI has issued guidelines to banks and payment service providers.
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Payment limit increased
NPCI will impose a payment limit of Rs 1 lakh to Rs 5 lakh for verified merchants. With the increased limit, it will be necessary to establish UPI as a payment mode. The UPI payment limit is currently Rs 1 lakh per day regulated by the National Payments Council of India (NPCI). RBI had proposed limiting payments to Rs 5 lakh in the last monetary policy review meeting. Payment apps like PhonePe, Paytm and Google Pay will benefit from this.
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Best UPI Payment in India
Talking about UPI payments, India had crossed the 100 billion mark in 2023. UPI has paid around Rs 118 billion this entire year. Compared to last year, an increase of 60 percent has been registered.
Superfast News Coverage By YuvaPatrkaar.com Team
Publish Date: January 04, 2024
Posted By Sunil