RBI increases UPI transaction limit for tax payments from 1 lakh to 5 lakh per transaction.

The Reserve Bank of India (RBI) increased the UPI transaction limit for tax payments from the current Rs 1 lakh to Rs 5 lakh per transaction. The move aims to ease tax payments by consumers through UPI and follows the RBI's announcement of the third bi-monthly monetary policy for the current financial year. The central bank also proposed a public repository of digital lending apps to address the issue of unauthorized players in the sector and expressed concern over the rising disbursals of top-up home loans.

August 08, 2024
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