
Anupam Mittal, the CEO of People Group and a well-known judge on Shark Tank, has recently voiced his concerns about issues with the Unified Payments Interface (UPI) system in a post on X (formerly Twitter). Mittal highlighted problems that merchants have been facing since July 20, particularly with UPI payments linked to the State Bank of India (SBI). According to Mittal, these issues mainly involve UPI limit errors, which are affecting transactions for SBI-linked payments.
In his post, Mittal praised the Reserve Bank of India’s (RBI) recent announcement of new UPI features. However, he used the SBI problem as an example to stress that such glitches undermine confidence in UPI and have a negative impact on India’s growth. He pointed out that these issues are particularly troubling given the high volume of transactions and SBI’s significant role in the UPI ecosystem.
Earlier this month, the RBI introduced two major updates to the UPI system:
- Increased Transaction Limit for Tax Payments: The RBI has raised the limit for tax payments through UPI from ₹1 lakh to ₹5 lakh per transaction. This change is intended to simplify the process of making larger tax payments online.
- Delegated Payments Feature: A new “Delegated Payments” feature has been introduced. This allows a primary user to authorize another person (a secondary user) to make UPI transactions from their bank account, up to a specified limit. This innovation aims to provide more flexibility and convenience for managing UPI transactions.
Mittal’s feedback underscores the importance of smooth and reliable UPI transactions for both merchants and users, especially in light of these recent enhancements to the payment system.