UPI limit for healthcare & education payments hiked to 5 lakh

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The RBI announced an increase in the UPI transaction limit for hospitals and education services to Rs 5 lakh. The limit for recurring digital payments without second-factor authentication was enhanced to Rs 1 lakh for mutual fund subscription, insurance premium, and card bills. Consumers can opt-out anytime. The RBI also plans to create a repository for fintechs to store important information. The Reserve Bank Innovation Hub aims to make the repository operational by April 2024.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/stWAfKp

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