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New Condition of upi Transaction

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New Condition of upi Transaction

 

According to NPCI rules, an individual can make up to Rs 1 lakh installments through UPI daily. The breaking point changes from one bank to another as little banks like Canara Bank permit just Rs. 25,000 while huge banks like SBI have drawn an everyday UPI exchange line of Rs. 1,00,000.

UPI platforms such as Google Pay and PhonePe currently dominate the market with around 80% share. NPCI sent 30% volume cap proposal in November 2022 for approval from Reserve Bank of India (RBI) to avoid monopoly of any UPI app. Currently, there is no transaction cap on any UPI-based application like PhonePe, Paytm or Google Pay.

The meeting was held to understand the present status post the proposal. Reports recommend that senior authorities of NPCI, RBI and the finance minister were available in this meeting. However, the decision is yet to be taken.

 

As per some reports, industry stakeholders requested NPCI to extend the deadline. NPCI is looking at regardless of whether to expand the cutoff time. The issue of execution of UPI market cutoff might be settled toward December's end.

 

UPI transfer limit per day

As per NPCI guidelines, an individual can make payments through UPI up to a maximum of Rs 1 lakh per day. The limit varies from bank to bank as small banks like Canara Bank allow only Rs 25,000 whereas big banks like SBI have set a daily UPI transaction limit of Rs 1,00,000.


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New Condition of upi Transaction