RBI enhances UPI payment limits for healthcare and education

About UPI

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
UPI is an initiative of the National Payments Corporation of India (NPCI).
NPCI launched the pilot programme of UPI on 11th April 2016.

How is it unique?

Immediate money transfer through mobile device round the clock 24*7 and 365 days.
Single mobile application for accessing different bank accounts.
Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
Bill Sharing with friends.
Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
Merchant Payment with Single Application or In-App Payments.
Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
Donations, Collections, Disbursements Scalable.
Raising Complaint from Mobile App directly.

Why in News?

The Reserve Bank of India (RBI) has enhanced the UPI payment limits for healthcare and education from ₹1 lakh to ₹5 lakh, and the limit on recurring e-payment mandates for credit card and insurance premia payments as well as mutual fund investments to ₹1 lakh from the current limit of ₹15,000.

Today Current Affairs Upsc Exam Syllabus & Previous Yearpaper.