UPI limit for payments to hospitals and educational services to be raised to Rs 5 lakh by Jan 10
UPI services now available in Sri Lanka and Mauritius
As per reports, The National Payments Corporation of India (NPCI) has directed members to comply by January 10 with the banking regulator’s decision to raise the UPI transaction limit to ₹5 lakh for hospitals and educational services.
NPCI issued a circular dated December 19, 2023 which stated, “With UPI emerging as a preferred payment method, there is a need to enhance the per transaction limit in UPI for specific categories, as per the RBI Statement on Developmental and Regulatory Policies.”
NPCI has specified that the enhanced transaction limit, raised from approximately 1 lakh to around 5 lakhs, is applicable exclusively to ‘verified merchants’.
Merchants must activate UPI as a payment mode with the revised limits. Acquiring entities will be tasked with including merchants in the verified list following a thorough due diligence process.
All members, including PSPs, banks, UPI apps, merchants, and other payment providers, are urged to acknowledge this update and implement necessary adjustments. Compliance with these changes is expected from all members by January 10, 2024.
