RBI Monetary Policy: Limit Of Tax Payment Through UPI Enhanced To ₹5 Lakh From 1 Lakh
(MENAFN- Live Mint) While announcing the monetary policy statement , Reserve bank of India's Governor Shaktikanta Das announced to enhance the limit of tax payments through UPI (Unified Payments Interface).
“Currently the transaction limit for UPI is ₹one lakh except for certain category of payments which have higher transaction limit. It has now been decided to enhance the limit for tax payments through UPI from ₹1 lakh to ₹5 lakh per transaction. It will further ease payments for consumers through UPI,” he said.
Also Read | NPCI records nearly ₹10,000 crore credit disbursed through UPI every month
It is noteworthy that RBI in Dec 2023 enhanced the transaction limit for UPI payments to hospitals and educational institutions to ₹5 lakh. This limit was ₹1 lakh earlier.
Delegated payments The governorMr Das also introduced a facility of delegated payments through UPI.“It is proposed to introduce a facility of delegated payments in the UPI . This would enable an individual, i.e., a primary user, to allow another individual, namely a secondary user, to make UPI transaction up to a limit to be set by the primary user from the primary user's bank account without the need for he secondary user to have a separate bank account linked to UPI . This would further deepen the reach and usage of digital payments, in particular UPI,” he said.
Also Read | RBI Monetary Policy: Repo rate unchanged at 6.5%, GDP growth at 7.2% for FY25 GDP forecast
Along with keeping the repo rate unchanged at 6.5 percent, RBI retained its real GDP growth forecast for FY25 to 7.2 per cent, with Q1 at 7.1 from, slightly down from the earlier projection of 7.3 per cent.
However, the central bank maintained the GDP growth forecasts for Q2 at 7.2 per cent, Q3 at 7.3 per cent, and Q4 at 7.2 per cent. The GDP growth forecast of FY26 is 7.2 per cent.
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