Reserve Bank of India (RBI) Governor Shaktikanata Das on Friday announced several decisions on the Unified Payments Interface (UPI), including raising the Unified Payments Interface (UPI) payment limit to hospitals and educational institutions to ₹5 lakh from ₹1 lakh.
In another key development, the central bank also announced to enhance the limit under e-mandates for making payments of recurring nature to ₹1 lakh from ₹15,000 per transaction.
Das said that under the e-mandate framework, an additional factor of authentication (AFA) is required for recurring transactions exceeding ₹15,000 at present.
“It is now proposed to enhance this limit to ₹1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments,” the governor said.
Individuals making recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments will benefit.
The RBI governor said the new measure will further accelerate the usage of e-mandates.
The Monetary Policy Committee (MPC) decided to keep the key repo rate unchanged for the fifth consecutive time.