The Reserve Bank of India (RBI) took a significant step on Friday by announcing an increase in the UPI payment limits from Rs 1 lakh to Rs 5 lakh. This decision is expected to reshape the dynamics of financial transactions, particularly in the domains of healthcare and education. RBI Governor Shaktikanta Das, during the Monetary Policy Committee (MPC) announcement, highlighted the rationale behind the move and its potential impact on consumers.
RBI Monetary Policy Committee(MPC) Meeting Highlights – December 2023
Q. What was the UPI transaction limit before the recent announcement by the RBI?
Answer: Rs 1 lakh
Q: What is the new UPI transaction limit proposed by the RBI for payments to hospitals and educational institutions?
Answer: Rs 5 lakh
Q: In which domains does the RBI expect the increased UPI limit to have a transformative impact?
Answer: Healthcare and Education
Q: Which transactions will continue to have existing requirements, such as pre and post-transaction notifications, despite the proposed changes?
Answer: Subscriptions to mutual funds, payment of insurance premiums, and credit card bill payments.
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