The RBI Governor has announced a significant increase in the transaction limit for UPI (Unified Payments Interface), which will benefit everyday users, especially those making small transactions.
Additionally, there are positive updates regarding UPI Lite and UPI 123 Pay. Here are the three important changes made by the RBI:
Key Decisions on UPI
UPI 123 Pay Limit Raised: The transaction limit for UPI 123 Pay has been increased from ₹5,000 to ₹10,000.
UPI Lite Wallet Limit Increased: The wallet limit for UPI Lite has also been raised from ₹2,000 to ₹5,000, which will greatly benefit users who frequently make small transactions.
Per Transaction Limit for UPI Lite: The limit for individual transactions using UPI Lite has been increased from ₹500 to ₹1,000.
Governor Highlights UPI’s Impact
RBI Governor Shaktikanta Das emphasized that UPI transactions have significantly changed India’s economic landscape.
No Change in Loan EMIs
The Reserve Bank of India has kept the repo rate unchanged at 6.5 percent for the tenth consecutive time.
This means that there will likely be no change in the EMIs (Equated Monthly Installments) for home loans and car loans.
Governor’s Insights on the Economy
In his speech, the RBI Governor stated that the financial sector remains healthy and stable, and the Indian rupee is mostly stable.
Given the current economic challenges and global conditions, the RBI is taking a cautious approach while managing cash flow.
He also mentioned that Indian banks are strong but advised caution regarding increasing consumer loans and credit card debts.
