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.
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Mangaluru: Anti-Ragging and drug awareness event held at BIT
Mangaluru: Beary Institute of Technology, Mangaluru took a proactive step in addressing the detrimental effects of drug abuse and ragging by hosting a thought-provoking talk titled "Anti-Ragging and Drug Awareness." The event, held in the International Seminar Hall, aimed to raise awareness and foster a collective commitment to making Mangaluru a drug-free area.
The distinguished speaker, PSI Puneeth Goankar from Konaje Police Station, shared valuable insights into the consequences of drug abuse and ragging.
The event attracted a diverse audience, including students and faculty members, who gathered to join the fight against drug abuse. The atmosphere was filled with anticipation and a shared determination to tackle these issues head-on. The program commenced with a welcome address delivered by Dr. S.I. Manjur Basha, Principal of BIT.
