Now the UPI transaction limit in hospitals and educational institutions has been increased from Rs 1 lakh to Rs 5 lakh.
The Reserve Bank of India (RBI) recently announced no change in the repo rate after the monetary review. This is the 5th consecutive time that the central bank has not made any change in the policy rates. Let us tell you that the repo rate is stable at 6.5 percent. Although the common man has not got any benefit from this decision due to no cut in interest rates, but the bank has made important announcements regarding UPI, which are of great use. One of these announcements is that now the UPI transaction limit in hospitals and educational institutions has been increased from Rs 1 lakh to Rs 5 lakh. The second big announcement is that OTP will not be required for auto payment up to Rs 1 lakh in 3 types of transactions. Let us know about them.
You will get benefit on these 3 types of transactions
According to the announcement of the Reserve Bank, this benefit will be available on mutual fund subscription, insurance premium subscription or credit card payment transactions. Under this, no OTP will be required for auto payment transactions up to Rs 1 lakh. At present this limit is Rs 15,000, above which OTP based Additional Factor Authentication (AFA) is required on UPI auto payment transactions.
According to the statement issued by the Reserve Bank of India, a framework was launched in August 2019 to process e-mandates for recurring payments. Under this, digital transactions are done in a secure manner while providing convenience to the customers. However, whenever an e-mandate exceeds Rs 15,000, it requires an additional factor authentication. This limit was last updated in June 2022. At present, about 8.5 crore e-mandates are registered, through which transactions worth about Rs 2800 crore are done every month. The transaction limit for mutual fund subscription, insurance premium subscription and credit card bill payment is often more than Rs 15,000. In such a situation, it is being proposed to increase the transaction limit for these categories to Rs 1 lakh.
Transaction limit at these two places will be Rs 5 lakh
The Reserve Bank has increased the transaction limit of Unified Payment Interface (UPI). The bank has increased the UPI transaction limit from Rs 1 lakh to Rs 5 lakh. Reserve Bank of India Governor Shaktikanta Das said that the limit of UPI transactions is being increased in hospitals and educational institutions. Now it is being increased from Rs 1 lakh to Rs 5 lakh. RBI has proposed to increase the limit of UPI auto payment.
GDP growth estimate increased
Governor Shaktikanta Das also released the growth estimate of GDP. It has been decided to increase the GDP growth estimate for the financial year 2024 from 6.5 percent to 7 percent. Apart from this, the GDP growth estimate for the third quarter has been kept at 6.4 percent. Let us tell you that it has been decided to increase the GDP estimate for the financial year 2024 from 6 percent to 6.4 percent. Let us tell you that 5 out of 6 members were in favor of withdrawing the accommodative stance for the change in repo rate. All MPC members were in favor of keeping the rates stable.
Growth of 8 core industries is better
Announcing the monetary policy, RBI Governor Shaktikanta Das said that the Indian economy is continuing to grow due to domestic demand and the growth of 8 core industries is improving in October. Apart from this, the manufacturing sector has strengthened due to reduction in input costs and improvement in rural demand is being seen. The pace of investment has increased due to government spending and domestic consumption has increased due to festive demand.
