Argus News - RBI Boosts UPI Transaction Cap to ₹5L for Education and Healthcare

Bhubaneswar, Dec 08: In a significant move, the Reserve Bank of India (RBI) has raised the Unified Payments Interface (UPI) transaction limit for specific categories, bringing relief to consumers in the healthcare and education sectors. 
Governor Shaktikanta Das announced the revision, increasing the current limit of ₹1 lakh to a more substantial ₹5 lakh per transaction. This adjustment aims to empower users to conduct higher-value UPI payments, specifically for education and healthcare purposes.

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Furthermore, the RBI's Monetary Policy Committee (MPC) Meeting unveiled a noteworthy development in electronic mandates (e-Mandates). For payments of a recurring nature, such as mutual fund subscriptions, insurance premium subscriptions, and credit card repayments, the e-Mandate limit has been elevated to ₹1 lakh. This strategic decision is poised to facilitate smoother financial transactions and enhance the efficiency of online payment ecosystems, aligning with the evolving needs of consumers. These measures collectively signify a progressive step towards fostering a more accessible and adaptable digital financial landscape in India.

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