The central government has given a big gift in the new year to those making online payments. Now UPI payment of Rs 5 lakh can be made at one go. National Payment Corporation of India in collaboration with Reserve Bank of India has found a solution to this problem. Now you will be able to make online payment of Rs 5 lakh for hospital and educational institutions also.
The Central Government has given a big gift in the New Year to those making online payments. At present, online payment is used a lot, but a major problem in facilitating online payment was the set limit. Meaning, the government had banned transactions of more than Rs 1 lakh in a day. However, now National Payment Corporation of India i.e. NPCI in collaboration with Reserve Bank of India i.e. RBI has found a solution to this problem, after which UPI payment of Rs 5 lakh can be made at one time. However, it has some conditions, which all users should know.
Limit increased from 1 lakh to 5 lakh
NPCI has given relaxation in online payment of Rs 5 lakh at a time for payment of essential institutions like hospitals and educational institutions. This new rule will come into effect from January 10. After this, users will be able to pay a maximum of Rs 5 lakh at one time to pay the bills of all educational institutes and hospitals. For this, advisory has been issued by NPCI to banks and payment service providers.
Payment limit increased
The payment limit of Rs 1 lakh to Rs 5 lakh will be implemented by NPCI for verified merchants. The merchant will be required to enable UPI as a payment mode with the increased limit. At present, the UPI payment limit has been kept at Rs 1 lakh per day by the National Payments Council of India (NPCI). In the last monetary policy review meeting, RBI had proposed a payment limit of Rs 5 lakh. Due to which payment apps like Paytm, Google Pay and PhonePe will benefit.
Unused UPI IDs will be closed
Last year, NPCI had said in a statement that all those UPI IDs which are not active for about 1 year will be closed. This will affect the users of Google Pay, Paytm and PhonePe. It has started from 31st December.
India is at the forefront in UPI payment
If we talk about UPI payments, then in the year 2023, India will cross the 100 billion mark in terms of UPI payments. This entire year, UPI payments worth Rs 118 billion have been made. A growth of 60 percent has been recorded in this compared to last year.
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