RBI Policy: RBI may not have reduced the interest rates but has given relief to the public on some fronts. In this episode, the Reserve Bank has increased the UPI payment limit. Now the per transaction limit for UPI 123 Pay has increased from ₹ 5,000 to ₹ 10,000. Additionally, the limit of UPI Lite Wallet has been increased from ₹ 2,000 to ₹ 5,000, and the per-transaction limit for UPI Lite has also been increased, from ₹ 100 to ₹ 500.
Earlier, in the monetary policy of 8 August 2024, RBI had announced to increase the limit of tax payment through UPI from Rs 1 lakh to Rs 5 lakh.
The trend of digital payments is growing rapidly.
According to the report of PwC India, the number of transactions on UPI is expected to increase to 439 billion by 2028-29, which was around 131 billion in the last financial year. The special thing is that this figure is 91 percent of the total retail digital payments.
"The Indian Payments Handbook - 2024-29" report describes India's digital payment scenario in the last 8 years and expects it to expand more than 3 times. In such a situation, the number of digital payments will increase from 159 billion in 2023-24 to 481 billion by 2028-29.
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