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New Delhi<\/strong>: The Reserve Bank of India (RBI) has introduced two major updates to the Unified Payments Interface (UPI) this week, to broaden its usage and functionality.<\/p>\n Increased Limit for UPI Transactions:<\/strong><\/p>\n The RBI has raised the per transaction limit for tax payments via UPI from \u20b91 lakh to \u20b95 lakh, a decision that promises to simplify the process of making substantial tax payments digitally.<\/p>\n \u201cConsumers will find tax payments through UPI even more convenient,\u201d RBI Governor Shaktikanta Das remarked during the announcement at the Monetary Policy Committee\u2019s 50th meeting on Thursday.<\/p>\n Introduction of \u201cDelegated Payments\u201d in UPI:<\/strong><\/p>\n A notable addition to UPI is the \u201cDelegated Payments\u201d feature. It permits a primary user to grant permission to another person (a secondary user) to conduct UPI transactions from the primary user\u2019s bank account within a certain limit.<\/p>\n Governor Das elaborated, \u201cThis will allow one individual to authorize another to perform UPI transactions up to a certain amount from the primary user\u2019s bank account, eliminating the need for the secondary user to link a separate bank account to UPI.\u201d<\/p>\n Anticipated to significantly drive UPI\u2019s adoption, this feature is particularly beneficial for groups such as children and the elderly who may not have their bank accounts connected to UPI.<\/p>\n Dilip Asbe, CEO of the National Payments Corporation of India (NPCI), which manages UPI, expressed on social media, \u201cPayment systems in India are consistently engaging.\u201d<\/p>\n Sameer Nigam, co-founder of PhonePe, commended the new feature, predicting it \u201cwill greatly expedite UPI\u2019s adoption among the next 300-400 million Indian users.\u201d<\/p>\n<\/div>\n [ad_2] [ad_1] New Delhi: The Reserve Bank of India (RBI) has introduced two major updates to the Unified Payments Interface (UPI) this week, to broaden its usage and functionality. Increased Limit for UPI Transactions: The RBI has raised the per transaction limit for tax payments via UPI from \u20b91 lakh to \u20b95 lakh, a decision that […]<\/p>\n","protected":false},"author":1,"featured_media":39404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-39676","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"jetpack_featured_media_url":"https:\/\/thenftimes.com\/wp-content\/uploads\/2024\/08\/rbi-hikes-upi-limit.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/39676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=39676"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/39676\/revisions"}],"predecessor-version":[{"id":39677,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/39676\/revisions\/39677"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media\/39404"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=39676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=39676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=39676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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