Sign In
Learn bits
Economy
Mahesh

11/06/23 09:46 AM IST

Daily limit on UPI transactions

In News
  • Unified Payments Interface (UPI) transactions have been on the rise since its introduction by the National Payments Corporation of India (NPCI) in 2016.
Limits by NPCI
  • Currently, users can make up to 20 transactions or ₹1 lakh in a single day, either all at once or throughout the day.
  • Certain specific categories of transactions, such as capital markets, collections, insurance, and forward inward remittances, have a higher limit of ₹2 lakh.
  • For UPI-based ASBA (Application Supported by Blocked Amount system) IPO and retail direct schemes, the limit for each transaction was increased to ₹5 lakh in December 2021.
  • ASBA is a facility for investors to participate in Initial Public Offerings (IPOs) and invest in the stock market.
  • Punjab National Bank (PNB) and Bank of Baroda have a lower limit of ₹25,000, with PNB's daily limit being ₹50,000.
  • Google Pay users face a breach of the daily limit if they attempt to send money more than ten times in a single day across all UPI apps.
  • Punjab National Bank (PNB) and Bank of Baroda have a lower limit of ₹25,000, with PNB's daily limit being ₹50,000.
  • Google Pay users face a breach of the daily limit if they attempt to send money more than ten times in a single day across all UPI apps.
Significance
  • The imposition of limits helps maintain the security infrastructure of UPI and ensures its seamless functioning.
  • Limits assist in preventing potential fraud and risk concerns while balancing customer convenience.
  • Higher limits are set for specific categories with higher average transaction values, such as capital markets or credit card bill payments.
Source- The Hindu

More Related Current Affairs View All

17 Sep

Reasons Behind the heavy rain in Uttarakhand, Himachal

'Dehradun and several other districts in Uttarakhand have experienced very heavy rainfall over the past few days, triggering landslides in multiple areas and causing rivers to swel

Read More

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps