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.
RBI enhances UPI transaction limit for these payments, industry welcomes the move
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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.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
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