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RBI hikes UPI limit for hospital, educational payments

Published on December 08, 2023
Current Context: The RBI announced an increase in UPI payment limits for hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction during the bi-monthly Monetary Policy Committee (MPC) meeting on December 8, 2023.
RBI hikes UPI limit for hospital, educational payments
  • The move is expected to benefit hospitals and patients alike, as it will enable faster and smoother transactions for medical expenses and education fees.
  • The UPI transaction limit for normal payments is up to Rs 1 lakh per transaction.
  • For some specific categories of transactions in UPI, like capital markets, collections, insurance, and foreign inward remittances, the transaction limit is up to 2 lakh.
  • The RBI said that these measures are aimed at enhancing customer convenience, promoting digital payments, and supporting financial inclusion.

Question:

Q.1 What is the new UPI payment limit for hospitals and educational institutions announced by the RBI?
a. Rs 50,000
b. Rs 1 lakh
c. Rs 5 lakh
d. Rs 10 lakh

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