Users will now be able to send more money using the Unified Payments Interface (UPI) system. With an increased limit on daily transactions set to take effect from September 15, users would be able to make transactions of bigger sums, depending on the type of payment.
An entire chart of the modified UPI transaction limit was shared by the Bharat Interface for Money (BHIM). (MINT)
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For categories like insurance premiums, travel capital market payments, the 24-hour palimit has been hiked to ₹10 lakh, and for categories like credit card payments and jewellery, the limit is now ₹6 lakh.
An entire chart of the modified transaction limit was shared by the Bharat Interface for Money (BHIM).
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The change in transaction limit will also apply to digital account opening, and initial funding for opening a digital account.
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The change in transaction limit will also apply to digital account opening, and initial funding for opening a digital account.
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The modified chart shared had the permitted limits for both single transactions and payments made throughout the day.
Recent changes to UPI system
The popularly used UPI digital payments system recently underwent some significant changes pertaining to auto payment processing and balance enquiries, among others.
The NPCI recently mandated that autopayments be deducted during non-peak hours -- before 10 am, 1- 5 pm, and after 9:30 pm, to reduce load on the UPI apps, thus improving efficiency.
Besides, it was reported that users would be able to see their remaining balance only 50 times a day, thus limiting enquiries for the same. To prevent fraud, it was notified that the recipient’s name will be displayed to the sender before every transaction.
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