Mumbai, August 8, 2024 – The Reserve Bank of India (RBI) has announced an increase in the Unified Payments Interface (UPI) transaction limit for tax payments from the current Rs 1 lakh to Rs 5 lakh per transaction. This decision was unveiled by RBI Governor Shaktikanta Das during the announcement of the third bi-monthly monetary policy for the current financial year.
“Currently, the transaction limit for UPI is Rs 1 lakh, except for certain categories of payments that have higher limits. It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI,” said Governor Das.
In addition to the increased UPI limit, Governor Das proposed the establishment of a public repository of digital lending apps to address the issue of unauthorized players in the market.
Governor Das also expressed concern over the rising disbursals of top-up home loans and urged lenders to take appropriate remedial actions to manage this trend effectively.
