New UPI rules: From September 15, transaction restrictions for these categories have increased; see the full list
The National Payment Corporation of India (NPCI) has added restrictions on transactions in several categories that have been implemented from September 15. Limitations are especially limited to high-value areas such as insurance, investment, travel and credit card bills.
According to a circular issued by NPCI last month, the new UPI rules are designed to make it easier and safer for Indian users to make high-value digital payments safer. After this change, users can now form UPI merchant transactions up to Rs 1 million for selected verification categories in one day.
UPI Transaction Limits: View the full list of categories
P2M (People Wholesale) Transaction: Now, in many cases, the limit per transaction can be allowed up to Rs 5 lakh per transaction, with a daily cap of Rs 1 lakh.
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The pre-trade limit for insurance and capital market investments has been extended from Rs 2 lakh to Rs 5 lakh. The daily allowable summaries for the same category are Rs 1 million.
gem: The per transaction limit for the Government Electronic Market (GEM) has been increased from Rs 1 lakh to Rs 5 lakh to earnest money, taxes, etc.
Travel booking: The travel booking limit for each transaction also rose from Rs 1 lakh to Rs 5 lakh, and Rs 1 lakh per day.
credit card: Now, payments for credit card bills can reach up to Rs 5 lakh in one go, although the daily limit is limited to Rs 6 lakh.
Loans and EMI: For loans and EMI collections, the limit is now at Rs 5 lakh per transaction, Rs 1 lakh per day.
Jewelry Purchase: The restrictions on jewelry trading are more modest, ranging from Rs 1 lakh to Rs 2 lakh per transaction, up to Rs 6 lakh per day.
P2P Trading: The limit on UPI limit (P2P) transfer between persons remains unchanged at Rs 10,000 per day.
UPI transactions in August
UPI spanned 20 billion transactions on Monday, September 1, according to the National Payment Corporation of India (NPCI). This is the first time that a UPI transaction has obtained this number.
In August, UPI transactions reached the 20.01 billion mark, an increase of 2.8% (19.47 billion) from July. This increases by 34% each year.
According to NPCI data, the average number of transactions per day increased to 645 million (from 628 million in July), with a daily transaction value of Rs 80,177 crore. Read more
