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News on Medial
RBI hikes E-Mandate limit for recurring payments to INR 1 Lakh
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has increased the limit for e-mandates for recurring payments from INR 15,000 to INR 1 Lakh per transaction. This new limit applies to subscriptions to mutual funds, payment of insurance premiums, and credit card bill payments. Customers can now schedule automated debits up to INR 1 Lakh without the need for additional authentication. These new regulations aim to make card transactions safer but have impacted SMEs, startups, and the overall Indian subscription economy.
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RBI raises UPI transaction limit to INR 5 lakh for hospitals, educational institutions
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has proposed increasing the UPI payment limit to INR 5 Lakh for transactions related to hospitals and educational institutions, up from the current limit of INR 1 Lakh. The RBI has also suggested removing the additional factor of authentication (AFA) for e-mandates of recurring transactions up to INR 1 Lakh, such as mutual funds and insurance premium payments. Furthermore, the RBI will establish a cloud facility to enhance the security and privacy of financial sector data, and a repository for fintech companies will be set up.
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RBI permits automatic replenishment of UPI Lite wallet
YourStory
·
1y ago
Medial
The Reserve Bank of India (RBI) has proposed a new facility that would allow customers to automatically refill their UPI Lite wallets. UPI Lite is a simplified version of the Unified Payments Interface (UPI) and serves as an on-device wallet for small-value transactions. Currently, UPI Lite has a daily limit of Rs 2,000 and a single payment limit of Rs 500. By introducing the option for automatic replenishment, the RBI aims to promote greater adoption of UPI Lite and enhance the ease of making small digital payments. Additionally, the RBI plans to include recurring payments, such as Fastag and National Common Mobility Card (NCMC), in the e-mandate framework to further convenience for customers.
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RBI Increases UPI Limit For Tax Payments To INR 5 Lakh
Inc42
·
11m ago
Medial
The RBI has increased the UPI tax payment limit from INR 1 Lakh to INR 5 Lakh per transaction, making it easier for consumers to make payments through the UPI. Additionally, the central bank has introduced delegated payments through the UPI, allowing primary users to authorize secondary users to make UPI transactions up to a limit set by the primary user from their linked bank account.
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RBI increases collateral free loan limit for farmers from ₹1.6 lakh to ₹2 lakh
Livemint
·
7m ago
Medial
The Reserve Bank of India (RBI) has increased the limit for collateral-free loans for agricultural farmers from ₹1.66 lakh to ₹2 lakh per borrower. This move is expected to provide relief to small and marginal farmers. The collateral-free loans do not require farmers to pledge assets as security. The RBI last revised the limit for these loans in 2019, raising it from ₹1 lakh to ₹1.6 lakh. The Kisan Credit Card (KCC) Scheme, which offers easy credit access for farmers, will also be enhanced through this update.
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UPI AutoPay top of charts in low-ticket recurring payments
Economic Times
·
1y ago
Medial
The National Payments Corporation of India's UPI AutoPay feature is gaining popularity for low-value recurring transactions, with top banks like SBI, HDFC Bank, ICICI Bank, Bank of Baroda, and Paytm Payments Bank leading the way. In November, these banks processed 8.1 million AutoPay transactions, up from 3.9 million the previous year. NPCI has asked banks and fintechs to enhance their limits for AutoPay transactions, extending the limit to Rs 1 lakh. UPI AutoPay is expected to attract larger ticket-size transactions and become a comprehensive payment mode.
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RBI Increases Transaction Limits For UPI123Pay, UPI Lite
Inc42
·
9m ago
Medial
- RBI increases the per transaction limit for UPI123 Pay from INR 5,000 to INR 10,000 - The transaction limit for UPI Lite is raised from INR 500 to INR 1,000 - UPI Lite wallet limit is increased from INR 2,000 to INR 5,000 - UPI123 Pay is a service introduced in 2022 for feature phone users - UPI123 Pay allows users to access UPI services without an internet connection - UPI123 Pay supports 12 languages for seamless accessibility.
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Budget 2024-25: Central Government Doubles Limit Of MUDRA Loans To INR 20 Lakh
Inc42
·
1y ago
Medial
The Pradhan Mantri MUDRA Yojana (PMMY) will increase the loan limit to INR 20 Lakh from INR 10 Lakh. This increase applies to entrepreneurs who have previously applied for and repaid loans under the TARUN category of the MUDRA loan, which offers loans between INR 5 Lakh and INR 10 Lakh.
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NPCI to decide on UPI merchant transaction limits, says RBI Governor
YourStory
·
3m ago
Medial
The Reserve Bank of India has authorized the National Payments Corporation of India (NPCI) to revise transaction limits for Unified Payments Interface (UPI) merchant payments, allowing more flexibility in adapting to economic needs. The NPCI will work with banks and stakeholders to recalibrate person-to-merchant (P2M) transaction limits, currently set at Rs 2 lakh. However, person-to-person (P2P) limits remain unchanged at Rs 1 lakh, as confirmed by RBI Governor Sanjay Malhotra.
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RBI Guv Discusses Plans To Expand UPI Offerings
Inc42
·
1y ago
Medial
RBI Governor Shaktikanta Das held a meeting with major stakeholders of the unified payments interface (UPI) ecosystem to discuss strategies for expanding digital payment offerings. The meeting also focused on plans to scale up UPI infrastructure and address challenges faced by fintech players. The RBI sought innovative ideas to integrate potential users into the digital payments ecosystem. UPI continues to gain traction, recording 1,330 crore transactions worth INR 19.64 lakh crore in April 2024. PhonePe dominated the digital payments space, accounting for nearly half of the total transactions.
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CRED launches e₹ wallet in collaboration with RBI
Entrackr
·
6m ago
Medial
CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.
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