RBI raised the maximum amount that can be paid with UPI from Rs 1 lakh to Rs 5 lakh.
The Monetary Policy Committee (MPC) has raised the maximum limit for using UPI to make payments to Rs 5 lakh, according to RBI Governor Shaktikanta Das.
The current Unified Payments Interface (UPI) payment limit is one lakh rupees.
According to the governor of the RBI, UPI’s convenient features have made it the most popular payment method.
According to the RBI, there are 42.4 crore UPI users.
Data from the National Payment Corporation of India (NPCI) shows that payments made through the Unified Payments Interface (UPI) grew by 45% annually.
Additionally, the value of transactions increased by more than 35% to reach Rs 20.64 trillion.
For the third month in a row, the total amount of transactions has surpassed Rs 20 trillion.
The overall amount of UPI transactions in June 2024 was Rs 20.07 trillion, compared to Rs 20.44 trillion in May of the same year.
The average daily transaction value using UPI in July 2024 was Rs 466 million, or around Rs 66,590 crore, according to NPCI data.
In July, there was a 3.95 percent increase in UPI transaction volume compared to June and a 2.84 percent increase in transaction value.
