Update on UPI Limit: Excellent news for UPI users! You may now pay this amount all at once; see details

 Update on UPI Limit: Excellent news for UPI users! You may now pay this amount all at once; see details

Update on UPI Limit: Excellent news for UPI users! You may now pay this amount all at once; see details

Update on UPI Limit: As per the new regulation, payments at hospitals and educational institutions may be made using UPI up to Rs 5 lakh at a time. The governor of the Reserve Bank of India said that the central bank has raised its projection of GDP growth from 6.50 to 7 percent.

Reserve Bank of India: the governor of the RBI provided details of the decisions made on Friday at the Monetary Policy Committee meeting. During this, he said that the repo rate would continue to stay at the previous rate for a fifth time running, if all members agree. In addition, he delivered a significant statement for UPI users. The Central Bank Governor said that the UPI transaction limit has been raised to Rs 5 lakh. You may now pay up to Rs 5 lakh all at once. This limit used to be one lakh rupees.

Payments up to Rs 5 lakh accepted

In hospitals and educational institutions, you may use UPI to make payments of up to Rs 5 lakh at a time under the new regulation. In addition, he said that the RBI has raised its projection of GDP growth from 6.50 to 7 percent. In the first quarter of the new year, the GDP is predicted to grow by 6.7%. Let us inform you that the GDP climbed to 7.6 percent in the figures reported for the second quarter of the current fiscal year.

Goal is to raise the inflation rate to 4%.

He also voiced concerns about inflation during this, saying that although it was still not too high, the pace of growth in food inflation was still concerning. According to him, we haven't been able to reduce the inflation rate down to 4% as of yet. We will need to continue working toward this. In the third quarter of this fiscal year, the retail inflation rate is probably going to be 5.6%. However, it may stay at 5.2% in the fourth quarter. All things considered, this percentage may stay at 5.4% for the duration of the fiscal year.

Let us inform you that, according to a Reuters poll, forty-one experts believe that retail inflation may rise in November. The administration is now more concerned about inflation as a result of the growing costs of tomatoes and onions in recent days. The government has prolonged the prohibition on onion exports in an effort to keep prices under control. The rate of inflation dropped to 4.87 percent in October.