In the post, Mittal lauded the new delegated payments on UPI announced by the Reserve Bank of India (RBI) last week.Citing the SBI case in point, he writes that “not only does this shake confidence in UPI, affects 🇮🇳 growth directly given the volume of txns & SBI share @RBI.”
Here’s what Anupam Mittal wrote on X
Congrats @UPI_NPCI for continuing to redefine digital payments. Much needed innovation 🙌🏼 Would also help if we can hold banks to performance. Since July 20th merchants are seeing errors like ‘uve reached the upi limit set by ur bank’ for @TheOfficialSBI UPI. Not happening with other banks. Nobody @TheOfficialSBI to accept the problem, leave alone tackle it. Not only does this shake confidence in UPI, affects 🇮🇳 growth directly given the volume of txns & SBI share @RBI
RBI announces 2 major changes for UPI
Earlier this month, RBI announced two significant changes to the UPI system — increasing the limit for tax payments and delegated payments. The central bank has increased the transaction limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This increase is aimed to ease the process of making larger tax payments digitally.
The second major change introduces a new “Delegated Payments” feature to UPI. This innovation will allow a primary user to authorise another individual (secondary user) to make UPI transactions from the primary user’s bank account, up to a specified limit.
