Governor Shaktikanta Das announced today that the Reserve Bank of India (RBI) has kept its key interest rate unchanged for the tenth consecutive time.
The per-transaction limit for UPI 1 2 3 Pay has been increased to ₹10,000 from ₹5,000. Additionally, the UPI Lite wallet limit has been raised from ₹2,000 to ₹5,000, and the per-transaction limit for UPI Lite has also been enhanced, increasing from ₹100 to ₹500.
RBI MPC on UPI
- Enhance per transaction limit in UPI 1 2 3 pay to ₹10000 from ₹5000
- UPI Lite wallet increased to ₹5000 from ₹2000
- UPI Lite per transaction limit raised to ₹500 from ₹100
During RBI policy announcement
It is vital to recall that, while announcing the monetary policy statement on 8 August 2024, Reserve Bank of India Governor Shaktikanta Das announced raising the limit of tax payments through UPI from ₹one lakh to ₹ five lakh.
“It has now been decided to enhance the limit for tax payments through UPI from ₹1 lakh to ₹5 lakh per transaction. It will further ease consumer payments through UPI,” he had said then.
According to a PwC India report, the total transaction volume on UPI is projected to rise to 439 billion by 2028-29, up from approximately 131 billion in the last financial year, representing 91 percent of overall retail digital payments. The report, titled “The Indian Payments Handbook – 2024-29,” highlights the significant growth in India’s digital payments landscape over the past eight years. The industry is expected to expand more than threefold, increasing from 159 billion transactions in 2023-24 to 481 billion by 2028-29.
