The Unified Payments Interface (UPI) has revolutionized the way people make payments by eliminating the need to physically visit banks and endure lengthy queues. UPI is now widely utilized for transactions of varying magnitudes. Nevertheless, numerous individuals remain uncertain about the specific transaction limits imposed by their respective banks.
List of Daily and Monthly UPI Transaction Limits by Various Banks
|Banks||UPI transaction Limit||UPI daily limit|
|Union Bank of India||1,00,000||2,00,000|
|State Bank of India||1,00,000||1,00,000|
|Punjab National Bank||25,000||50,000|
|Kotak Mahindra Bank||1,00,000||1,00,000|
|Indian Overseas Bank||50,000||1,00,000|
|Bank of India||10,000||1,00,000|
|Bank Of Baroda||25,000||–|
9 Billion UPI Transactions in May Worth 14 Lakh Cr
The number of monthly UPI transaction limit witnessed a remarkable year-on-year increase of over 58% in May, reaching an all-time high in terms of both volume and value. The data reveals that more than nine billion transactions were conducted, amounting to over ₹14 lakh crore.
During the same period, the monthly transaction value experienced a significant surge of 43% compared to the previous year.
Since its inception in 2016, India’s Unified Payments Interface (UPI) has gained global recognition as a reliable payment system. It has garnered trust among users and emerged as a widely accepted mode of payment.
The data further highlights that in the fiscal year 2023, India’s indigenous payment system processed over 83 billion transactions, totaling ₹139 lakh crore. This substantial growth can be observed compared to the 38 billion transactions worth ₹84 lakh crore recorded in the previous financial year, 2022.
In February, the Indian government granted access to UPI for international visitors to facilitate shopping within the country. Initially, only visitors from G-20 nations were permitted to make UPI payments, limited to specific airports of arrival.
Given India’s current presidency of the G-20 until November, foreign delegates have been invited to participate in numerous events hosted in the country
Residents of ten countries, namely Singapore, the United States, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, the United Arab Emirates (UAE), and the United Kingdom (UK), who are Non-Resident Indians (NRIs), can avail themselves of UPI services for transactions without relying on their Indian phone numbers.