RBI enhances UPI transaction limit for these payments, industry welcomes the move
RBI enhances UPI transaction limit for these payments, industry welcomes the move
The Reserve Bank of India (RBI) has announced a substantial increase in the Unified Payments Interface (UPI) transaction limit for hospitals and educational institutions. The new limit is Rs 5 lakh, a significant jump from the previous limit of Rs 1 lakh. The RBI also increased the cap for e-mandates used for recurring payments from Rs 15,000 to Rs 1 lakh. Additionally, the RBI plans to establish a "Fintech Repository" in April 2024 and develop a dedicated cloud facility for the industry to enhance data security and scalability.
The Reserve Bank of India (RBI) has announced a substantial increase in the Unified Payments Interface (UPI) transaction limit for hospitals and educational institutions. The new limit is Rs 5 lakh, a significant jump from the previous limit of Rs 1 lakh. The RBI also increased the cap for e-mandates used for recurring payments from Rs 15,000 to Rs 1 lakh. Additionally, the RBI plans to establish a "Fintech Repository" in April 2024 and develop a dedicated cloud facility for the industry to enhance data security and scalability.
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The Reserve Bank of India (RBI) has announced a substantial increase in the Unified Payments Interface (UPI) transaction limit for hospitals and educational institutions. The new limit is Rs 5 lakh, a significant jump from the previous limit of Rs 1 lakh. The RBI also increased the cap for e-mandates used for recurring payments from Rs 15,000 to Rs 1 lakh. Additionally, the RBI plans to establish a "Fintech Repository" in April 2024 and develop a dedicated cloud facility for the industry to enhance data security and scalability. 
