MUMBAI: The Reserve Bank of India has taken a key decision on digital payments. It said it would increase the P2M payments limit for traders to meet the needs of users. To this extent the RBI has to the National Payments Corporation of India (NPCI) (RBI) Allowed.
Union Bank Governor Sanjay Malhotra has revealed the decisions of the RBI’s quarterly monetary policy review. The decision on UPI Payments was announced on this occasion. “We are making this proposal to increase the utility and make the UPI system more effective. In consultation with banks and other financial institutions, the NPCI can increase the P2M transactions limit in accordance with users’ needs, ”the RBI governor said.
Malhotra, however, recalled that the increase in the threats posed by the increase should also be taken with adequate protective measures. Moreover, the banks have the right to decide under the NPCI regulations on these restrictions.
There is a limit of up to Rs. However, there is a limit of Rs 2 lakh and Rs 5 lakh on P2M payments for some special purposes. The RBI has recently said that this limit on P2M transactions can be increased. However, there is no change in the P2P payment limit.