Shark Tank Judge Anupam Mittal Raises Red Flag On SBI’s UPI Limit Transaction Error; Check His Post

In a post on X, Mittal highlighted an ongoing issue affecting merchants since July 20. As per him, these merchants are experiencing frequent errors related to UPI transaction limits with SBI accounts

Mittal praised the new delegated payments feature on UPI introduced by the Reserve Bank of India (RBI) the previous week in his post

Source : X

Anupam Mittal, the CEO of People Group and a judge on Shark Tank, has lodged a complaint concerning the Unified Payments Interface (UPI) with the State Bank of India (SBI). In a detailed post on X (formerly Twitter), Mittal highlighted an ongoing issue affecting merchants since July 20. According to Mittal, these merchants are experiencing frequent errors related to UPI transaction limits, particularly with payments linked to SBI accounts.

Mittal praised the new delegated payments feature on UPI introduced by the Reserve Bank of India (RBI) the previous week in his post.

Referring to the SBI case, he said that “not only does this shake confidence in UPI, affects 🇮🇳 growth directly given the volume of txns & SBI share @RBI.”

He wrote in his post, “Congrats @UPI_NPCI for continuing to redefine digital payments. Much needed innovation. Would also help if we can hold banks to performance. Since July 20th merchants are seeing errors like ‘uve reached the upi limit set by ur bank’ for @TheOfficialSBI UPI. Not happening with other banks. Nobody @TheOfficialSBI to accept the problem, leave alone tackle it. Not only does this shake confidence in UPI, affects 🇮🇳 growth directly given the volume of txns & SBI share @RBI.”

Congrats @UPI_NPCI for continuing to redefine digital payments. Much needed innovation 🙌🏼 Would also help if we can hold banks to performance. Since July 20th merchants are seeing errors like ‘uve reached the upi limit set by ur bank’ for @TheOfficialSBI UPI. Not happening with… https://t.co/QlKNWwj8yt

— Anupam Mittal (@AnupamMittal) August 16, 2024

The daily maximum limit for UPI transactions for an individual is Rs 1 lakh. It is important to note that this limit specifically applies to tax payments made through UPI. According to the regulations established by the National Payments Corporation of India (NPCI), a single UPI account can handle a maximum of 20 daily transactions. Users who exceed this limit must wait 24 hours before making additional UPI payments.

The RBI has updated the transaction limits for various services:

Tax Payments: The limit for tax payments has been increased from Rs 1 lakh to Rs 5 lakh per transaction.

Merchant Transactions: For transactions related to merchants, such as insurance, capital markets, and foreign inward remittances, the limit is set at Rs 2 lakh per transaction.

IPO Subscriptions and RBI Retail Direct Scheme: When scheduling an IPO or using the RBI Retail Direct Scheme for payments, the limit is Rs 5 lakh per transaction.

Earlier this month, the central bank also introduced the 'Delegated Payments' feature for UPI, as noted in Mittal's post. This new facility allows a primary user to authorise another individual to make UPI payments from their bank account within a specified limit.