UPI Delegated Payments: Soon you can add family members, others to make UPI payments from your bank account
Delegated Payments" facility in UPI, an individual (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the former’s bank account.
UPI limit for tax payments hiked to Rs 5 lakh from Rs 1 lakh: RBI
According to the RBI governor Monetary Policy Meeting Statement on Developmental and Regulatory Policies, “The Unified Payments Interface (UPI) has a very large user base of 424 million individuals. There is, however, potential for further expansion of the user base. It is proposed to introduce «Delegated Payments» in UPI. “Delegated Payments” would allow an individual (primary user) to set a UPI transaction limit for another individual (secondary user) on the primary user’s bank account. This product is expected to add to the reach and usage of digital payments across the country. Detailed instructions will be issued shortly.”
UPI per transaction, per day limit: HDFC Bank, SBI, ICICI Bank, YES Bank, Kotak Mahindra Bank, PNB, Canara bank
What is UPI?
Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties' bank accounts.
When you shop-online, you can pay through UPI when you see UPI as a payment option. On clicking that, you will need to enter your Payment Address (eg — xyz@upi). Once entered, you will receive a collect request on your BHIM app. Enter your UPI-PIN
