In order to further boost digital payments, the National Payments Corporation of India will be enabled to set the limit on person-to-merchants transactions via Unified Payments Interface (UPI), RBI Governor Sanjay Malhotra said on Wednesday.
At present, the transaction amount for UPI, covering both person-to-person (P2P) and person-to-merchant payments (P2M), is capped at Rs 1 lakh, except for specific use cases of P2M payments which have higher limits, some at Rs 2 lakh and others at Rs 5 lakh.
“To enable the ecosystem to respond efficiently to new use cases, it is proposed that NPCI, in consultation with banks and other stakeholders of the UPI ecosystem, may announce and revise such limits based on evolving user needs,” said Malhotra after the 54th meeting of the monetary policy committee (MPC).
Appropriate safeguards will be put in place to mitigate risks associated with higher limits. Banks shall continue to have the discretion to decide their own internal limits within the limits announced by NPCI.
“P2P transactions on UPI shall continue to be capped at Rs 1 lakh, as hitherto. NPCI will be advised accordingly,” according to the Central Bank.
The payment systems operator will take the decision in consultation with banks and other shareholders, the RBI chief said during the monetary policy announcement.
Meanwhile, the saw a 13.59 per cent increase (on-month) in transaction volume at 18.3 billion in the month of March, from 16.11 billion in February.
The month of March saw a record Rs 24.77 lakh crore worth UPI-based transactions, up 12.79 per cent from Rs 21.96 lakh crore in February, according to the NPCI data.
On a daily basis, the UPI network recorded more than 590 million average transactions at Rs 79,910 crore daily transaction count.
On a year-on-year basis, the record-breaking UPI transactions of Rs 24.77 lakh crore in March marked a 25 per cent surge in value and an impressive 36 per cent growth in volume, demonstrating the unstoppable momentum of India’s digital payments revolution.
With daily transactions averaging Rs 79,910 crore, up 1.9 per cent from February, and volumes rising 2.6 per cent, these numbers underscore the rapid adoption and trust in digital financial solutions.
Seven cops injured during anti-Waqf Act rally in Tripura
At least seven policemen sustained injuries on Saturday during a clash between the security personnel and the agitators who held a protest rally against the recently enacted Waqf (Amendment) Act in northern Tripura’s Kailashahar under Unakoti district.
Rose Valley Ponzi scam: Centre hands over Rs 515 crore to help 7.5 lakh victims
The government on Saturday handed over Rs 515.31 crore to Justice D.K. Seth (Retd), Chairman of the Asset Disposal Committee which was formed for the purpose of restitution of properties to legitimate investors in the Rose Valley Ponzi scam.
Chhattisgarh: Heavy loss to Maoists in Bijapur-Dantewada, encounter going on
Heavy loss to Maoists have been reported in the Bhairamgarh area, located on the Bijapur-Dantewada border in Chhattisgarh, during an encounter between security forces and Maoists on Saturday.
Om Birla brings 'Mayra' to martyr’s home fulfilling promise to sister on her daughter's wedding
Six years after the martyrdom of CRPF Jawan Hemraj Meena in the Pulwama attack, a wave of joy swept through his home on Saturday as the courtyard of Veerangana (war widow) Madhubala was filled with the sounds of celebration and music as the family prepared for her daughter’s wedding.
'Should Hindus leave Bengal?' asks Giriraj Singh, slams Mamata Banerjee govt over Murshidabad violence
Union Minister Giriraj Singh on Saturday strongly condemned the recent violence in West Bengal’s Murshidabad district, calling it a "heart-wrenching" incident that reflects the deteriorating law and order situation under the Mamata Banerjee-led government.
U'khand tragedy: Car with Haridwar family plunges into Alaknanda River; one rescued, five feared dead
In a heartbreaking incident near Devprayag, Uttarakhand, a car carrying a family from Haridwar plunged into a 300-metre-deep gorge and sank into the Alaknanda River near the Badshah Hotel area on Saturday.
US orders foreign nationals to register under Alien Act or face arrest, deportation
In a sweeping move that has ignited concern among immigrant communities across the United States, the White House has announced that all foreign nationals residing in the country for over 30 days must register with the federal government or face strict penalties, including fines, imprisonment, and deportation.
Indian stock markets wrap up week on strong note as tariff fears ease
The Indian stock markets wrapped up the week on a strong note, gaining nearly 2 per cent, as the US decision to defer tariffs for all countries except China eased recession concerns, boosting sentiment and lifting fears of a global slowdown, experts said on Saturday.