RBI increases UPI transaction limit, announces measures to increase the scope of digital transactions
Mumbai/IBNS: The Reserve Bank of India (RBI) announced three key measures on Wednesday to make the Unified Payments Interface (UPI) transactions more efficient.
To failitate investment, the UPI transaction limit for payments for the Retail Direct Scheme for investment in G-secs and Initial Public Offering (IPO) is raised to Rs 5 lakh, up from Rs 2 lakh allowed presently.
Second, a UPI-based payment product for feature phone users will be rolled out.
And third, the simplification of the process flow for small-value transactions over UPI.
All the measure have been taken to encourage people using digital money transfer through UPI and facilitate the participation of retail investers in financial markets.