New rules comes up for UPI limit on higher transfer limit
New rules comes up for UPI limit on higher transfer limit
The latest UPI rule, which comes into effective from today, 17 January, 2024, is that it allows for higher daily transfer limits.
This new cap significantly enhances the utility of UPI for larger transactions, thereby broadening its use cases across various financial activities.
A groundbreaking development in UPI usage is the introduction of QR code-based ATM withdrawals.
Yet in the pilot phase, this feature will facilitate users to withdraw cash from ATMs by scanning a QR code. This is part of an ongoing effort to provide better and more convenient services to customers.
Additionally, the cooling period for UPI transactions has now been set at 4 hours, ensuring enhanced security and control for users.
With enhanced transaction limits UPI now allows for transactions up to ₹5 lakh at hospitals and educational institutions.
As per NPCI’s Secondary Market Initiative, UPI’s extension to the secondary market promises easier investment and trading processes.
On higher daily transfer limits, the revised UPI rules offer higher daily transfer limits, expanding its utility for larger transactions.
QR Code-Based ATM Withdrawals is an innovative feature set to redefine how cash withdrawals are made, enhancing convenience.
The cooling period for UPI transactions is now just 4 hours, adding an extra layer of security for users.
As they embrace these changes in 2024, it’s clear that UPI is not just a payment method but a dynamic ecosystem evolving to meet the diverse needs of Indian consumers.
With these advancements, UPI is set to further cement its position as a cornerstone of India’s digital economy, offering users unparalleled ease, security, and flexibility in their financial transactions.
News Edit K.V.Raman
