Payment up to Rs 1 lakh will be done automatically through UPI, it will be convenient for those who make frequent payments.
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Now payment up to Rs 1 lakh can be made through UPI. The Reserve Bank of India has changed the limits for automated payments through UPI in some categories. Under this, the payment of Rs 15 thousand has been increased to Rs 1 lakh. Mutual funds have also been included in its scope.
That is, according to the new rules, payments like mutual fund, insurance and credit card bill payment, in which more than Rs 15,000 is to be paid, that amount will be automatically deducted from the account. RBI has issued a circular in this regard. According to this circular, the transaction limit for mutual fund membership, payment of insurance premium and credit card bill payment has been increased from Rs 15,000. Now this limit has increased to Rs 1 lakh. Let us tell you that UPI has become the preferred method of digital payment for a large section of the population with transactions in the month of November, when more than 11.23 billion transactions were done through this format.
This is how automated payment happens
Presently the facility of automated payment is available on the UPI platform. Apart from this, AFA is also required. Let us tell you that last week itself the Reserve Bank had talked about presenting a proposal to increase the limit of automated payment from Rs 15 thousand to Rs 1 lakh. RBI has increased the transaction limit for many purposes through UPI.
Will be able to transfer Rs 5 lakh
Last week, the Reserve Bank of India had increased the transfer limit from Rs 1 lakh to Rs 5 lakh. This limit was allowed in only a few works. Permission to transfer this amount was originally given to hospitals and education organizations.
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