Good news for merchants sending money through UPI

UPI is a fast, secure and convenient payment method. It is the most popular payment method in India. In the financial year 2022-23, a total of Rs.8.3 trillion transactions have taken place through UPI.

UPI payment.

The current announcement is that the Reserve Bank has issued an important notification raising the limit for UPI transactions.

Major decisions were taken at the December Fiscal Policy Committee meeting chaired by RBI Governor Shaktikanta Das in Mumbai on Friday (Dec 8).

Accordingly, it has been reported that the repo interest rate for banks will continue unchanged at 6.5 percent for the 5th time, and there will be no change in short-term loan interest rates of banks.

Moreover, Governor Shaktikanta Das said that the country's economy has grown by 7.6 percent in the July-September quarter of the financial year 2023-24 and has become the fastest growing large economy.

In this case, as another important announcement, the limit for certain online transactions made through UPI apps including Google Pay and Phone Pay will be Rs. 1 lakh to Rs. 5 lakh has been raised.

That is, an individual in hospitals, educational institutions Rs. RBI has said that up to 5 lakhs can be paid through the UPI app and this will greatly help the UPI users.

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