UPI transaction limits set for revision: What RBI decision means for you

The Reserve Bank of India (RBI) on Wednesday announced an update to the transaction limits on the Unified Payments Interface (UPI), allowing for greater flexibility in both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments. Currently, the limit for UPI transactions is capped at Rs 1 lakh, with some P2M transactions allowing limits of Rs 2 lakh or Rs 5 lakh. Under the new guidelines, these limits will be revised based on evolving user needs, with appropriate security measures in place to mitigate risks associated with higher transaction amounts.