Currently, the limit for person-to-person and person-to-merchant payments is Rs 1 lakh. However, in some special cases, this limit for merchant payments is also up to Rs 2 lakh and Rs 5 lakh.

Aim to further improve the UPI ecosystem

RBI Governor Sanjay Malhotra said after the Monetary Policy Committee (MPC) meeting on Wednesday that the purpose of this decision is to make the UPI system more smart and user-friendly. Now NPCI will decide the transaction limit (UPI Transaction limit) for different categories as per the need.

Banks will also get the right to fix the limit

Although NPCI will set a limit, banks can also set their own internal limits within that limit. RBI has also clarified that the current limit of person-to-person transactions (UPI Person-to-Merchant Payment) will remain at Rs 1 lakh.

Security will also be given full attention

Governor Sanjay Malhotra said that if the limit increases, then necessary security systems will also be installed to reduce the risks associated with it. For this, a decision will be taken after talking to banks and other payment partners.

New record of UPI transaction

According to RBI, there was a tremendous increase in UPI transactions in March 2024. This month there were 18.3 billion transactions, which is 13.59% more than the 16.11 billion transactions in February. In terms of value, transactions worth Rs 24.77 lakh crore took place in March, which is 12.79% more than in February.

On a daily basis, now on an average, more than 590 million transactions are happening every day through UPI, whose value is around Rs 79,910 crore.

The growth of UPI is also excellent

According to another report, UPI transactions have increased by 42% year-on-year to 93.23 billion in the second half of 2024. This shows that the digital payment system in India is growing rapidly and people are adopting UPI in large numbers.

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The post RBI’s New Rule For UPI Payment: RBI allows NPCI to set UPI transaction limits for merchant payments, Key Details first appeared on Rightsofemployees.com.

SBI Card has stopped giving reward points on the use of credit cards on online gaming platforms or merchant transactions from December 1, 2024. However, this new rule is not for all SBI cards. SBI has released the names of all those credit cards, from which reward points will not be available on doing such transactions.

Reward points will not be available on these cards

• SBI Aurum Card
• SBI Elite Card
• SBI Card ELITE Advantage
• SBI Card Pulse
• SBI Card
• SimplyCLICK Advantage SBI Card
• SBI Card Prime
• SBI Card PRIME Advantage
• SBI Platinum Card
• SBI Card PRIME Pro
• SBI Card Platinum Advantage
• SBI Gold Card
• SBI Gold Classic Card
• SBI Gold Defense Card
• SBI Gold & More Employee Card
• Gold & More Advantage SBI Card
• SBI Gold & More Card
• SBI Card
• SBI Employee Card
• SimplySAVE Advantage SBI Card
• SBI Gold & More Titanium Card
• SimplySAVE Pro SBI Card
• SBI Credit Card
• SimplySAVE Merchant SBI Card
• SBI Card
• SBI Platinum Card
• SIB SBI SimplySAVE Card
• KVB SBI Platinum Card
• KVB SBI Gold & More Card
• KVB SBI Signature Card
• Karnataka Bank SBI Platinum Card
• Karnataka Bank SBI SimplySAVE Card
• Karnataka Bank SBI Card PRIME
• Allahabad Bank SBI Card ELITE
• Allahabad Bank SBI Card PRIME
• Allahabad Bank SBI SimplySAVE Card
• City Union Bank SBI Card PRIME
• City Union Bank SimplySAVE SBI Card
• SBI Card ELITE
• SBI Card PRIME
• Central Bank SimplySAVE SBI card
• UCO Bank SBI Card PRIME
• UCO Bank SimplySAVE SBI Card
• UCO Bank SBI Card ELITE
• SBI Card ELITE
• PSB SBI Card PRIME
• SBI SimplySAVE
• SHAURYA SELECT SBI CARD

1% fee will be levied on utility payments

Let us tell you that along with this, SBI has also changed the rules on utility payments. If the total utility payment from your SBI credit card in a billing cycle is more than Rs 50,000, then a fee of 1 percent will be charged from you. This rule has also been implemented from December 1, 2024.

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The post SBI Credit Card holders, Now you will not get this benefit on THESE transactions first appeared on Rightsofemployees.com.

For this you only need internet. But do you know that even if your phone does not have an internet connection or you have a feature phone, you can easily transfer money to someone through UPI.

Recently, private sector HDFC Bank has launched 3 digital products connected to UPI. These are UPI 123Pay: Payment through IVR, UPI plug-in service for merchant transactions and Autopay on QR code.

UPI 123Pay: Payment via IVR

With UPI 123Pay, anyone can easily make UPI payments by just making a phone call, even if they do not have internet or smartphone. Customers can easily book and pay for services through Interactive Voice Response i.e. IVR.

UPI Plug-In Service for Merchant Transactions

UPI Plug-In Service makes it easy to make payments through UPI. You will not need to switch between different apps while shopping.

AutoPay on QR codes

AutoPay on QR lets you easily set up automatic payments using UPI QR codes. This is useful to make automatic payments for streaming services, subscriptions etc. without having to make manual payments every time.

The post HDFC Bank started service, You can make UPI payment by making a phone call, know all details first appeared on Rightsofemployees.com.