Pay Rs 5 lakh via UPI to hospitals
RBI also announced to set up a "Fintech Repository" for a better understanding of developments in the fintech ecosystem and support the sector.
In a major decision, the RBI on Friday announced raising the UPI payment limit to hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh at present. It also hiked the cap for e-mandates for recurring payments to Rs 1 lakh.
Reserve Bank Governor Shaktikanta Das said the higher limit will help consumers make UPI payments of higher amounts for education and healthcare.
He further said that e-mandates for making payments of a recurring nature have become popular among customers.
Under the e-mandate framework, an additional factor of authentication (AFA) is required for recurring transactions exceeding Rs 15,000 currently. The measure, he said, will further accelerate the usage of e-mandates.
RBI also announced to set up a “Fintech Repository” for a better understanding of developments in the fintech ecosystem and support the sector. This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier. FinTechs would be encouraged to provide relevant information voluntarily to this Repository,” Das said. (With inputs from PTI)