Automatic payment limit via UPI raised to Rs 1 lakh: RBI
Mumbai, Dec 12: The Reserve Bank of India on Tuesday increased the limit for automatic payments through UPI to Rs 1 lakh per transaction from the existing Rs 15,000 for certain categories, including subscription to mutual funds.
As of now, relaxation in Additional Factor of Authentication (AFA) is permitted while processing e-mandates/standing instructions on cards, prepaid payment instruments and UPI (Unified Payments Interface), for subsequent recurring transactions with values up to Rs 15,000.
"...it has been decided to increase the limit from Rs 15,000 to Rs 1,00,000 per transaction for... subscription to mutual funds, payment of insurance premiums, and credit card bill payments," the central bank said in a circular on "processing of e-mandates for recurring transactions".
UPI has emerged a preferred mode of payment for a large section of the population with over 11.23 billion transactions recorded in November.
An announcement in this regard was made by Reserve Bank Governor Shaktikanta Das, while unveiling the December bi-monthly monetary policy last week.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Siddaramaiah urges youth to stay away from divisive forces misusing religion, caste
Davangere (Karnataka), Jan 5: Chief Minister Siddaramaiah on Sunday said that divisive forces are misusing religion and caste to disrupt peace in Karnataka and the country, which hampers progress, and called upon the youth to stay away from such harmful influences and safeguard their future.
Speaking after inaugurating the state-level Yuvajanotsava (youth festival) programme here, he emphasised the importance of youth developing a socially responsible outlook.
"When youth grow with social consciousness, they become assets to the nation. To achieve this, they must pursue scientific and rational education, create equal opportunities, and contribute to society's progress," Siddaramaiah said.
ALSO READ: Karnataka govt committed towards providing internal reservation among SCs: CM Siddaramaiah
Urging young people to shape their future with a resolve to be assets rather than liabilities to the nation, he said, "The essence of the Constitution must be understood by everyone. It ensures economic, social, and political freedom for all citizens and allows everyone to practice their faith freely. It is because of this Constitution that I could become the chief minister. Protecting the Constitution is our responsibility."
The CM further stressed that "Instead of asking what the nation has done for us, we should reflect on what we have contributed to the nation. Many divisive forces misuse religion and caste to disturb peace and derail progress. Youth must distance themselves from such influences, cultivate humanity, and grow socially responsible. This will help preserve and strengthen democracy."
Highlighting the government's support for unemployed graduates, he said, "We have transferred funds to the accounts of 1.62 lakh young beneficiaries under the Yuva Nidhi scheme and are providing skill training. A budget of Rs 213 crore has been allocated for this. The government is committed to standing firmly with educated unemployed youth."
