RBI increased UPI payment limit from Rs 1 Lakh to Rs 5 Lakh for educational and medical organizations.
Under RBI guidance, National Payment Corporation of India (NPCI) was introduced on 11th April 2016.
The limit depends on the bank, varying from 25000 to 1 Lakh per transaction
UPI hit a record of 10 billion transactions worth 14 trillion (US$180 billion) in August 2023, which rose 58% year-on-year in May, making it the highest volume and value ever recorded.