The Reserve Bank of India (RBI) announced on Thursday that it is increasing the UPI tax payment limit from the existing Rs 1 lakh to Rs 5 lakh per transaction. In the announcement of the third bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das stated that the new limit for UPI transactions for tax payments has been raised to Rs 5 lakh from the previous limit of Rs 1 lakh.
“Currently, the transaction limit for UPI is Rs 1 lakh, with certain categories of payments allowed higher limits. The decision has been made to increase the limit for tax payments through UPI to Rs 5 lakh per transaction. This enhancement will further facilitate ease of tax payments for consumers through UPI,” said Das.
Additionally, Das proposed the establishment of a public repository for digital lending apps to monitor and regulate unauthorized players. He also expressed concerns over the increasing disbursals of top-up home loans and urged lenders to take necessary remedial actions.
 announced on Thursday that it is increasing the UPI tax payment limit from the existing Rs 1 lakh to Rs 5 lakh...){kind=link}