Beware! New Rule For Sending More Than 10K On UPI?

Despite being the most populous country in the world, India has this super efficient program with regard to UPI. The instant payment system that is in effect in India through the UPI interface is one of the best in the world when it comes to quick transactions.

A normal UPI user can send as much as ₹1,00,000 per day without any further restrictions, and this has been the case for a long time now. 

However, the RBI has now reportedly opened a new discussion paper regarding the imposition of a new restriction on big transactions on UPI in view of the ongoing digital payment frauds.

The RBI is reportedly discussing the idea of momentarily housing UPI transactions worth ₹10,000 or more for a period of one hour. What this would mean is that the sender can initiate a payment to the other person for more than ₹10,000 but the transaction will be on hold for 1 hour. 

If the sender decides to cancel the transaction in this period of one hour, then the amount will be back to his or her account. This is a token procedure it is being discussed by the RBI to prevent digital frauds.

The recent months we have been hearing several cases of people losing lakhs of rupees by clicking random UPI links and bank accounts. So this New restriction on transaction over ₹10,000 on UPI could be a safe barrier against this proposition.

We have to wait and see if this would come to implementation in the near future as there is this constant pressure on the RBI and authorities to prevent digital frauds.