December 04, 2024 14:49 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
With plaque around his neck, ex-Punjab Dy CM Sukhbir Singh Badal serves punishment at Golden Temple in Amritsar | Devendra Fadnavis meets Eknath Shinde in Mumbai as suspense over Maharashtra CM post continues | South Korean President declares emergency martial law citing opposition of being 'anti-state forces' | Hours after closing consular office in Tripura, Bangladesh summons Indian envoy in Dhaka | Bangladesh: Court defers bail hearing of Hindu priest Chinmoy Krishna Das for one month
RBI raises UPI transaction limit for hospitals, educational institutions to Rs. 5 lakh
Online Transaction
RBI Governor Shaktikanta Das | Photo courtesy: Wikimedia Commons

RBI raises UPI transaction limit for hospitals, educational institutions to Rs. 5 lakh

| @indiablooms | 08 Dec 2023, 12:14 pm

New Delhi/IBNS/UNI: In a significant step, the Reserve Bank of India (RBI) on Friday announced the raise of the Unified Payments Interface (UPI) transaction limit for hospitals and educational institutions to Rs. 5 lakh, media reports said.

The previous limit was Rs. 1 lakh.

RBI Governor Shaktikanta Das said as quoted by Mint, "The limit for various categories of UPI transactions has been reviewed from time to time. It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from ₹1 lakh to ₹5 lakh per transaction.

"This will help the consumers to make UPI payments of higher amounts for education and healthcare purposes."

Moreover, Das announced the enhancement of the limit in e-mandates for payments of recurring nature to Rs. 1 lakh. The limit has been enhanced for mutual funds subscriptions, insurance premium subscriptions and credit card repayments, the report says.

Repo Rate unchanged

As widely expected by markets and policy-watchers, the RBI Monetary Policy Committee (MPC) on Friday decided to keep the policy repo rate unchanged at 6.50%.

With the central bank maintaining the status quo on key lending rates, EMIs for housing, cars, businesses, and other loans would not rise.

"After a detailed assessment of the evolving macroeconomic and financial developments and the outlook, the Monetary Policy Committee (MPC) decided unanimously to keep the policy repo rate unchanged at 6.5%.

"Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the bank rate are at 6.75%," said the RBI Governor while making the bi-monthly Monetary Policy statement.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.