New UPI feature lets you authorise others to make transactions from your account

The primary user who is the account holder can authorise a secondary user to make transactions using their bank account up to a specified limit.

Published on: Aug 8, 2024, 14:52:21 IST

By HT News Desk

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Unified Payments Interface (UPI) users may now be able to authorise other users to make transactions using their bank account.

UPI is an instant payment system developed by the NPCI. (Representative image)

Also Read: UPI limit increased from ₹1 lakh to ₹5 lakh per transaction

When was the new feature announced?

This new delegated payment feature was announced by Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday, August 8, as he announced the RBI's monetary policy outcome.

Also Read: RBI keeps repo rate unchanged at 6.5%; Inflation, GDP growth forecast for FY25 retained

The monetary policy committee on kept the repo rate unchanged at 6.5% for the ninth time in a row.

How does the new delegated UPI payment feature work?

The primary customer who is the account holder can now, authorise another person, known as a secondary user, to carry out transactions using the primary customer's bank account, but up to a specified limit.

“This will further deepen the reach and usage of UPI digital payments,” Das said.

Also Read: India's forex reserves hit record high of $675 billion as of August 2

Further details on the feature and its operations are yet to be announced.

Apart from the new feature, the RBI also increased the UPI limit for individuals to pay tax from ₹1 lakh to ₹5 lakh.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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