Recently, the limit of UPI transaction has been increased from Rs 1 lakh to Rs 5 lakh by the Reserve Bank of India. The number of people doing transactions through UPI in the country has reached crores. The reason for this is that it is very easy to make payment through UPI. In view of the increasing popularity of UPI, many major changes have been made in recent times. In such a situation, if you use UPI then you must know the new rules. Come, let us know those 5 new changes that have been made in the Unified Payment Interface (UPI).
Payment limit increased at these places
The payment limit through UPI has been increased for hospitals and educational institutions. Let us tell you that the transaction limit for hospitals and education-related payments has been increased to ₹ 5 lakh.
2) UPI for secondary market
Additionally, the National Payments Corporation of India (NPCI) has introduced ‘UPI for the Secondary Market’, which is currently in its beta stage, allowing a limited number of customers to block funds after trade confirmation and send them to the Clearing Corporation. The medium allows settlement of payments on T1 basis.
3) UPI ATM with QR code
UPI ATMs using QR codes, which are currently in the pilot phase. After its arrival, there will be facility to withdraw cash without carrying physical debit card.
4) Four hour cooling period
The Reserve Bank of India (RBI) has proposed a four-hour cooling period for newcomers making their first payment of more than ₹2,000, allowing the remitter to revert or modify the transaction within the time limit.
5) Pre-approved credit line on UPI
UPI users have now started getting the benefit of pre-approved credit line. That means they will be able to make payments even if there is no money in the bank account. The pre-approved credit line will bring availability of credit to individuals and businesses, thereby promoting financial inclusion in the country.
