The Reserve Bank of India (RBI) has made a big change in the Unified Payments Interface (UPI). Now you will be able to make a payment of up to Rs 5 lakh at a time.
Before this limit was only Rs 1 lakh. Apart from this, RBI has also allowed Delegated Payments, so that you can give someone else the right to make payment from your account.
Statement of RBI Governor
RBI Governor Shaktikanta Das said that UPI has become the most popular payment system in India. People are using it rapidly. In such a situation, it has been decided to increase the limit of tax payments and provide facilities like delegated payments.
Increase in UPI transaction limit
Till now only up to Rs 1 lakh could be paid at a time through UPI. But now this limit has been increased to Rs 5 lakh. This will make it easier to make big transactions.
Delegated Payments
RBI has also announced the launch of a new facility called Delegated Payments. Under this facility, you will be able to allow another person to make UPI payments from your bank account.
For this, you will have to make a setting in your bank app. After this, you will send a request to the person whom you want to allow to make payment.
If that person accepts the request, then he will be able to make a UPI payment from your bank account. However, for this, approval from your side will be necessary every time.
RBI also curbed fraud
RBI said that it is also taking strict steps to prevent fraud. Soon such rules will be made which will curb the fraud in the name of giving loans.
Check clearance will also be accelerated
RBI has also decided to improve the check clearance system. Now it will take less time than before to clear the check.
These decisions will promote digital payments and people will get more convenience. RBI is constantly trying to move India towards a cashless economy.
RBI is constantly working to improve UPI. More facilities are expected to be available through UPI in the coming times.