Many people will run UPI from same bank account…?
The UPI service, which has proved to be the most useful tool in advancing the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>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 transact from his account. It is expected that wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions can be accelerated after the delegate payment feature is added to UPI.
This is how the delegate feature will work
This proposed feature of UPI can be understood like this. Suppose you currently have a UPI account to which your bank account is linked. It can be used now either by you or by someone else who is using your phone. When the new feature is introduced, you will be able to provide 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.
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