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Mumbai: The Reserve Financial institution of India on Tuesday elevated the restrict for computerized funds by way of UPI to Rs 1 lakh per transaction from the prevailing Rs 15,000 for sure classes, together with subscription to mutual funds. As of now, rest in Extra Issue of Authentication (AFA) is permitted whereas processing e-mandates/standing directions on playing cards, pay as you go fee devices and UPI (Unified Funds Interface), for subsequent recurring transactions with values as much as Rs 15,000.
“…it has been determined to extend the restrict from Rs 15,000 to Rs 1,00,000 per transaction for… subscription to mutual funds, fee of insurance coverage premiums, and bank card invoice funds,” the central financial institution mentioned in a round on “processing of e-mandates for recurring transactions”.
UPI has emerged a most popular mode of fee for a big part of the inhabitants with over 11.23 billion transactions recorded in November.
An announcement on this regard was made by Reserve Financial institution Governor Shaktikanta Das, whereas unveiling the December bi-monthly financial coverage final week.
