• Feedback
  • RSS Feed
  • Sitemap
Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Business

RBI Hikes Limit For Tax Payments Via UPI From Rs 1 Lakh To Rs 5 Lakh

OMMCOM NEWS by OMMCOM NEWS
August 8, 2024
in Business
UPI

Mumbai: The Reserve Bank has decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction, RBI Governor Shaktikanta Das announced on Thursday.

“UPI has become the most preferred mode of payment, due to its seamless features. Currently, the transaction limit for UPI is capped at Rs 1 lakh. Based on the various use cases, the Reserve Bank has periodically reviewed and enhanced the limits for a few categories like capital markets, IPO subscriptions, loan collections, insurance, medical and educational services, etc.,” Das said.

“As direct and indirect tax payments are common, regular and high value, it has been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. Necessary instructions will be issued separately,” he added.

The RBI is also making a provision for the Introduction of Delegated Payments through UPI which will enable a secondary user to make payments using UPI by making use of the bank account of the primary user. The step is aimed at further deepening the reach and usage of digital payments.

“The Unified Payments Interface (UPI) has a very large user base of 424 million individuals. There is, however, potential for further expansion of the user base,” Das said.

“It is proposed to introduce ‘Delegated Payments’ in UPI. Delegated Payments would allow an individual (primary user) to set a UPI transaction limit for another individual (secondary user) on the primary user’s bank account. This product is expected to add to the reach and usage of digital payments across the country. Detailed instructions will be issued shortly,” he added.

The Unified Payments Interface (UPI) has been a key driver in India’s digital payment ecosystem, experiencing a ten-fold increase in transaction volume over the past four years, according to the RBI report on Currency and Finance 2023-24. The volume of UPI transactions skyrocketed from 12.5 billion in 2019-20 to 131 billion in 2023-24, now accounting for 80 per cent of all digital payment volumes in the country.

The report shows that digital payments in India have recorded a compounded annual growth rate (CAGR) of 50 per cent in volume terms and 10 per cent in value terms over the last seven years, involving 164 billion transactions worth Rs 2,428 lakh crore in 2023-24. The impressive growth has been supported by the Payment Infrastructure Development Fund (PIDF), which has bolstered the country’s payment infrastructure.

(IANS)

Tags: RBIRBI Governor Shaktikanta Das
ShareTweetSendSharePinShareSend
Previous Post

Lapse In Security: Two Cops Suspended After Accused Escapes From Their Custody

Next Post

India’s Financial Sector Gaining Strength From Macroeconomic Stability: RBI Chief

Related Posts

Income Tax Bill 2025
Business

Govt Withdraws Income Tax Bill 2025 From Lok Sabha, New Version To Be Tabled On Monday

August 8, 2025
Indian stock markets
Business

Indian Stock Market Ends Lower Amid US Tariff Jitters, Sensex Declines 765 Points

August 8, 2025
Business

SBI Clocks 12.5 Pc Rise In Q1 Net Profit At Rs 19,160 Crore

August 8, 2025
Business

50 Pc Tariffs By US Bad Policy Move, India Must Continue To Protect Its Farmers: SBI Report

August 8, 2025
Business

India’s Income Roadmap: Gujarat Emerges Frontrunner; MP Improves As Southern, Western States Consolidate Earnings Dominance

August 7, 2025
Business

US Tariff Hike To Impact Only 4.8 Per Cent Of India’s Total Exports

August 7, 2025
Next Post
RBI chief

India’s Financial Sector Gaining Strength From Macroeconomic Stability: RBI Chief

ECI

ECI Interacts With Representatives Of Political Parties In J&K

Centre Moves Waqf (Amendment) Bill In LS, Congress Calls It 'Draconian'

khimji
TPCODL
OMC
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.