UPI payment limit to hospitals, educational institutes raised to Rs 5 lakh: RBI
Mumbai, Dec 8: In a major decision, the RBI on Friday announced to raise the UPI payment limit to hospitals and educational institutions to Rs 5 lakh from Rs 1 lakh presently and hiked the cap for e-mandates for recurring payments to Rs 1 lakh.
Unveiling the December bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said the limit for various categories of Unified Payments Interface (UPI) transactions has been reviewed from time to time.
"It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction," he said.
The enhanced limit will help consumers make UPI payments of higher amounts for education and healthcare purposes.
He further said that e-mandates for making payments of a recurring nature have become popular among customers.
Under the e-mandate framework, an additional factor of authentication (AFA) is required for recurring transactions exceeding Rs 15,000 currently.
"It is now proposed to enhance this limit to Rs 1 lakh per transaction for recurring payments of mutual fund subscriptions, insurance premium subscriptions and credit card repayments," the governor said.
The measure, he said, will further accelerate the usage of e-mandates.
In another development, the RBI also announced to set up a "Fintech Repository" for a better understanding of developments in the fintech ecosystem and support the sector.
"This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier. FinTechs would be encouraged to provide relevant information voluntarily to this Repository," Das said.
Financial entities like banks and NBFCs in India are increasingly partnering with fintechs.
Das also said that the central bank is working on the establishment of a cloud facility for the financial sector in India.
Banks and financial entities are maintaining an ever-increasing volume of data.
Many of them are utilising cloud facilities for this purpose, he added.
"The Reserve Bank is working on establishing a cloud facility for the financial sector in India for this purpose," he said, adding such a facility would enhance data security, integrity, and privacy.
It will also facilitate better scalability and business continuity.
Das said the cloud facility is intended to be rolled out in a calibrated fashion over the medium term.
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BJP takes out torch rally in Ranchi over women's quota bill
Ranchi (PTI): Jharkhand BJP on Tuesday took out a torch rally in Ranchi against the Congress-led opposition alliance for allegedly obstructing the implementation of the women's reservation bill in the Lok Sabha.
Led by the BJP women's wing, the 'Mahila Aakrosh Mashal Yatra' was taken out from Ranchi's Jaipal Singh Stadium to Albert Ekka Chowk.
Jharkhand BJP president Aditya Sahu, who also took part in the procession, said, "By opposing the Women's Reservation Bill, the Congress-led opposition alliance in Lok Sabha has committed an injustice against women in the country. The people will never forgive them."
Union Minister of State for Defence Sanjay Seth said, "Historic decisions are being taken to empower women under the leadership of Prime Minister Narendra Modi, but the opposition is obstructing women's rights due to its narrow politics."
Jharkhand BJP women's wing president Aarti Singh said that the women of Jharkhand have now awakened and are ready to fight to any extent for their honour and rights.
