RBI enhances UPI transaction limit for these payments, industry welcomes the move

The Reserve Bank of India (RBI) has announced a substantial increase in the Unified Payments Interface (UPI) transaction limit for hospitals and educational institutions. The new limit is Rs 5 lakh, a significant jump from the previous limit of Rs 1 lakh. The RBI also increased the cap for e-mandates used for recurring payments from Rs 15,000 to Rs 1 lakh. Additionally, the RBI plans to establish a “Fintech Repository” in April 2024 and develop a dedicated cloud facility for the industry to enhance data security and scalability.