New Delhi, Oct 9 (UNI) Buoyed by use of digital payments in the Indian market, the Reserve Bank of India on Wednesday said it has decided to enhance the per-transaction limits to make it more inclusive and accessible.
UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation. To further encourage wider adoption of UPI and make it more inclusive, it has been decided to enhance the per-transaction limit in UPI123Pay from Rs 5,000 to Rs 10,000; and increase the UPI Lite wallet limit from Rs 2,000 to Rs 5,000 and per-transaction limit from Rs 500 to Rs 1,000, RBI Governor Shaktikanta Das said while announcing the Monetary Policy.
In another decision, Das said at present, UPI and Immediate Payment Service (IMPS) provide a facility for the remitter of funds to verify the name of the receiver (beneficiary) before executing a payment transaction.
It is now proposed to introduce such a facility for the Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) system. This facility will enable the remitter to verify the name of the account holder before effecting funds transfer to him/her through RTGS or NEFT.
This will also reduce the possibility of wrong credits and frauds, the RBI Governor said.
