CIO Insider

CIOInsider India Magazine

Separator

Banking Industry, Fintechs Barrage Hiking UPI Payments, e-Mandate Caps

CIO Insider Team | Saturday, 9 December, 2023
Separator

Bankers, price corporations, and hospitals have welcomed the RBI's choice to elevate the UPI price limits to hospitals and academic establishments to five lakh from one lakh and additionally to hike the cap for e-mandates for routine bills to one lakh.

Unveiling the financial policy, Reserve Bank Governor Shaktikanta Das stated the restriction for numerous classes of unified bills interface (UPI) transactions has now been superior to Rs five lakh in line with transactions from the existing Rs 1 lakh for bills to hospitals and academic institutions.

He in addition stated that e-mandates for making bills of an ordinary nature have come to be famous amongst customers. Under the e-mandate framework, a further component of authentication is needed for ordinary transactions exceeding Rs 15,000 currently.

Saikrishnan Srinivasan of Experian Credit says, “The higher UPI payment limits and the increase in e-mandate limit for recurring online transactions will enable consumers to pay more seamlessly.”

Welcoming the coverage announcement, State Bank chairman Dinesh Khara stated this could make sure that UPI genuinely emerges as a public good. On the flow toward a unified regulatory framework for related lending and a regulatory framework for web-aggregation of mortgage products, he stated those steps will make sure higher pricing, transparency, and more suitable client centricity.

Saikrishnan Srinivasan of Experian Credit says, “The higher UPI payment limits and the increase in e-mandate limit for recurring online transactions will enable consumers to pay more seamlessly.”

Rahul Jain of NTT Data Payment Services India says, “This strategic measure will stimulate digital transactions, effectively curbing cash usage and fostering the growth of a cashless economy. By extending the payment threshold, the RBI is fostering an environment conducive to seamless financial interactions, ultimately contributing to the transformative journey towards a digitally empowered nation. It will also further boost consumer confidence as far as critical payments are concerned and with UPI on credit cards gaining momentum, it's important to enhance this limit.”

Current Issue
63SATS : Redefining Cyber Security For A Safer World