UPI transactions increased in volume by 4.6 percent and in value by 1 percent month over month (m-o-m). Check out the bank-imposed UPI transaction limitations here.
According to information made public by the National Payments Corporation of India (NPCI), the Unified Payments Interface, or UPI, handled 657 crore transactions in August. UPI transactions increased in volume by 4.6 percent and in value by 1 percent month over month (m-o-m).
The hassle-free experience that UPI provides is the main driver of this expansion.
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What is UPI?
The 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 individuals to instantly transfer money between any two parties bank accounts.
How UPI works?
Only setting up a Virtual Payment Address (VPA) and sending money will be required of users. They can make fund transfers by entering the IFSC code or account number and linking multiple bank accounts to a single smartphone app. In this real-time payment system, monies are instantly credited in real-time.
In addition to the BHIM UPI app and their bank’s mobile apps, people can utilise several payment apps like PhonePe, Paytm, and Google Pay to transfer money using this technique.
UPI Transaction Limits
The daily transaction cap per user has been set at Rs 2 lakh by the RBI and NPCI. There is no required minimum.
Banks had the option of establishing their own UPI transaction limits under the NPCI cap. As a result, some banks have reduced the UPI transaction limit for their clients.
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The daily UPI transaction limit as well as some per-transaction bank limits are listed below:
| S.No. | Bank Name | Per Transaction Limit (Rs) | Per day limit (Rs) | Per week limit | Per month limit |
| 1 | Airtel Payments Bank | 1,00,000 | 1,00,000 | NA | NA |
| 2 | Allahabad Bank | 25,000 | 1,00,000 | NA | NA |
| 3 | Andhra Bank | 1,00,000 | 1,00,000 | NA | NA |
| 4 | Axis bank | 1,00,000 | 1,00,000 | NA | NA |
| 5 | Bank of Baroda | 25,000 | 50,000 | NA | NA |
| 6 | Bank of Maharashtra | 10000 | 20000 | NA | NA |
| 7 | BOI | 10,000 | 100,000 | NA | NA |
| 8 | Canara Bank | 100,000 | 100,000 | NA | NA |
| 9 | Central Bank of India | 25000 | 50000 | NA | NA |
| 10 | Citibank | 1,00,000 | 1,00,000 | NA | NA |
| 11 | Corporation Bank | 50000 | 1,00,000 | NA | 20,00,000 |
| 12 | City Union Bank | 1,00,000 | 1,00,000 | NA | NA |
| 13 | Deutsche Bank AG | 100,000 | NA | NA | NA |
| 14 | Equitas Small Finance Bank Payments Bank | 1,00,000 | 1,00,000 | NA | NA |
| 15 | Federal bank | 1,00,000 | 1,00,000 | NA | NA |
| 16 | HDFC Bank | 1,00,000 | 1,00,000 | NA | NA |
| 17 | HSBC Bank | 100000 | 100000 | NA | NA |
| 18 | Indian Bank | 1,00,000 | 1,00,000 | NA | NA |
| 19 | ICICI Bank | 10,000 | 10,000 | NA | NA |
| 20 | IDBI | 25,000 | 50,000 | NA | NA |
| 21 | IDFC | 1,00,000 | 100,000 | 700,000 | 3,000,000 |
| 22 | IndusInd Bank | 100000 | 100000 | NA | NA |
| 23 | IOB | 50,000 | 100,000 | NA | NA |
| 24 | Kotak bank | 25,000 | 50,000 | NA | NA |
| 25 | PNB | 100,000 | 100,000 | 4,00,000 | 1,000,000 |
| 26 | Paytm Payments Bank | 100000 | NA | NA | NA |
| 27 | SBI | 100,000 | 100,000 | NA | NA |
| 28 | Standard Chartered Bank | 100000 | 100000 | NA | NA |
| 29 | Union Bank of India | 1,00,000 | 100,000 | 5,00,000 | 20,00,000 |
| 30 | Yes bank | 1,00,000 | 1,00,000 | NA | NA |
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