RBI enhances UPI payment limits, to set rules for online loan aggregators
- RBI announced increased UPI payment limits for healthcare and education from ₹1 lakh to ₹5 lakh.
Key Points
- RBI Limits on recurring e-payment mandates for credit card, insurance premiums, and mutual fund investments raised to ₹1 lakh from ₹15,000.
- In late 2022, RBI introduced a regulatory framework for digital lending.
- To address concerns and enhance customer centricity and transparency, RBI decided to lay down a regulatory framework for web-aggregation of loan products.
- RBI Aims to improve the overall digital lending landscape.
- RBI proposed the creation of a Fintech Repository by April 2024.
- Fintechs are encouraged to voluntarily provide relevant information to the Repository for better regulatory oversight.
Prelims Takeaway
- Fintech Repository