RBI Increases UPI Transaction Limit To Rs 5 Lakh For Tax Payments

The Reserve Bank of India on Thursday announced the UPI tax payment limit increase from the current limit of Rs 1 lakh to Rs 5 lakh per transaction.

Announcing the third bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the UPI transitions can be done up to Rs 5 lakh from the current 1 lakh for tax payment purposes.

“Currently, the transaction limit for UPI is Rs 1 lakh except for certain category of

payments which have higher transaction limits. It has now been decided to enhance the limit for tax payments through UPI from Rs 1 lakh to Rs 5 lakh per transaction. This will further ease tax payments by consumers through UPI,” Das said.

Das also proposed a public repository of digital lending apps to check unauthorised players

Das expressed concern over rising disbursals of top-up home loans and asked lenders to take remedial actions.