The Reserve Bank of India (RBI) has increased the transaction limit on United Payment Interface (UPI) Lite from ₹500 to ₹1000. Earlier the limit was ₹2000 but now RBI has increased the limit of UPI Lite Wallet from ₹2000 to ₹5000.
At the same time, for feature phone users, Reserve Bank Of India has increased the limit of UPI 123 from ₹5000 to ₹10,000. RBI Governor Shaktikanta Das made this announcement while giving information about the decisions taken in the Monetary Policy Committee (MPC) meeting.
The Reserve Bank of India – The lookup facility will be available in Real Time Gross Settlement and National Electronic Funds Transfer
Governor Shaktikanta Das said that currently lookup facility is available in United Payment Interface (UPI) and Immediate Payment Service (IMPS).
The name and details of the receiver are visible while making payment through the lookup facility. This eliminates the possibility of payment being made to the wrong person. Now it is proposed to bring this feature into the Real Time Gross Settlement System (RTGS) and National Electronic Fund Transfer (NEFT) system as well.
Now there is no charge for foreclosure of the non-business loan
Shaktikanta Das said that now there will be no charge or penalty for repaying a non-business loan before time. If you close many loans before their tenure is over, then the charge that has to be paid to the bank for this is called a loan foreclosure charge.
The Reserve Bank of India (RBI) has not changed the interest rates for the 10th consecutive time. RBI has kept the interest rates unchanged at 6.5%. That is, loans will not become expensive and your EMI will also not increase. RBI last raised the rates by 0.25% to 6.5% in February 2023.
