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
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.
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