India News | Automatic Payment Limit Via UPI Raised to Rs 1 Lakh: RBI
Get latest articles and stories on India at LatestLY. The Reserve Bank of India on Tuesday increased the limit for automatic payments through UPI to Rs 1 lakh per transaction from the existing Rs 15,000 for certain categories, including subscription to mutual funds.
Mumbai, Dec 12 (PTI) The Reserve Bank of India on Tuesday increased the limit for automatic payments through UPI to Rs 1 lakh per transaction from the existing Rs 15,000 for certain categories, including subscription to mutual funds.
As of now, relaxation in Additional Factor of Authentication (AFA) is permitted while processing e-mandates/standing instructions on cards, prepaid payment instruments and UPI (Unified Payments Interface), for subsequent recurring transactions with values up to Rs 15,000.
"...it has been decided to increase the limit from Rs 15,000 to Rs 1,00,000 per transaction for... subscription to mutual funds, payment of insurance premiums, and credit card bill payments," the central bank said in a circular on "processing of e-mandates for recurring transactions".
UPI has emerged a preferred mode of payment for a large section of the population with over 11.23 billion transactions recorded in November.
An announcement in this regard was made by Reserve Bank Governor Shaktikanta Das, while unveiling the December bi-monthly monetary policy last week.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)