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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

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