The UPI service, which has proved to be the most useful tool in promoting the digital economy in India, is now going to be more fun. After the recent monetary policy committee meeting, the Reserve Bank has announced the launch of a new service related to UPI, so that now the whole family will be able to use UPI together.
Limit increased for tax payment
Reserve Bank Governor Shaktikanta Das gave information about the new service of UPI in a statement issued after the MPC meeting held this week. He said that the MPC has decided to increase the limit of tax payment through UPI from Rs 1 lakh to Rs 5 lakh. Apart from that, a decision has also been taken to start delegated UPI payment.
You can authorize the delegate
Regarding this, the Reserve Bank said that there is a proposal for delegated payment for UPI. Under this feature, a user can allow another user (delegate) to make transactions from his account. It is expected that after adding delegate payment feature to UPI, digital transactions can increase further.
This is how delegate feature will work
This proposed feature of UPI can be understood like this. Suppose you have a UPI account to which your bank account is linked. Right now it can be used either by you or by someone else who is using your phone. When the new feature is introduced, you will be able to give the facility of making UPI payment to another person from your bank account. You will be able to authorize another user (delegate) to make UPI payment from your bank account.
UPI payment will increase
With this facility proposed by the Reserve Bank, many users like your children, parents will get the facility to make UPI payment from your bank account. The primary user i.e. you can set the limit up to which another person can make UPI payment from your bank account. Currently, about 50 crore transactions are being done daily through UPI. After the arrival of this new feature, its speed will increase further.
