The Reserve Bank of India (RBI) has recently taken a big and welcome initiative. They have increased the transaction limit of Unified Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh. This change has been made especially for hospitals and educational institutions. Today we will tell you how you can take advantage of this increased limit.
Expansion in education and health services
With this new limit, you can now pay up to a maximum of Rs 5 lakh for treatment in hospitals and fees in educational institutions through UPI. This is not only convenient but also time saving.
Increase in loans, brokerage and mutual funds also
RBI has also increased the limit to Rs 2 lakh for loan payments, brokerage services, mutual fund and credit card bill payments. This will make it easier for consumers to transact large amounts of money and will also help in financial management.
Ease of digital payment
This increase will promote digital payments and help consumers reduce their dependence on cash. This change will be especially beneficial for those people who often have to transact large amounts of money.
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