Current context: The National Payments Corporation of India (NPCI) has announced to double the transaction cap from Rs1 lakh to Rs2 lakh in order to push the digital payment system in the country.
a. Rs 5 lakh
b. Rs 4 lakh
c. Rs 3 lakh
d. Rs 2 lakh
- The transaction limit will be doubled from the next fiscal year for payments through Unified Payment Interface (UPI).
- It will be beneficial for the digital payment players such as Paytm, Google Pay and PhonePe etc.
- The transaction will be applicable for payments through UPI at stores run by ‘verified merchants’, high-ticket transactions including investment in the capital market, bill collections, insurance premiums, and pre-approved disbursements.
- The UPI payment is not be applicable on peer-to-peer transfers.
- The NPCI took the step to boost UPI system as a preferred method of payment.
- The NPCI’s direction will come in effect from 1st April 2020.
Question:
Q.1 The National Payments Corporation of India (NPCI) has increased the UPI transaction cap from next fiscal to________?a. Rs 5 lakh
b. Rs 4 lakh
c. Rs 3 lakh
d. Rs 2 lakh
