RBI Policy: RBI has not reduced the interest rates, but it has given relief to the public on some fronts. In this context the Reserve Bank has increased the UPI payment limit.
Now the per transaction limit for UPI 123 Pay has increased from Rs 5,000 to Rs 10,000. Additionally, the UPI Lite wallet limit has been increased from 2,000 to 5,000, and the per-transaction limit for UPI Lite has also been increased from 100 to 500.
Earlier in the monetary policy dated August 8, 2024, RBI had announced to increase the tax payment limit through UPI from Rs 1 lakh to Rs 5 lakh.
According to a report by PwC India, the number of transactions on UPI is expected to grow to 439 billion by 2028-29, from around 131 billion in the previous financial year. Notably, this figure is 91 percent of total retail digital payments.
“The Indian Payments Handbook – 2024-29” report describes India’s digital payments landscape in the last 8 years, which is expected to expand more than 3 times. In such a situation, the number of digital payments will increase from 159 billion in 2023-24 to 481 billion by 2028-29.
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