The Reserve Bank of India (RBI) has introduced a new feature allowing two users to share a single bank account for UPI payments. This new Delegated Payments facility lets the primary account holder authorize another individual to make UPI transactions up to a certain limit from the same account, without needing a separate bank account.
This move is expected to enhance the reach and usage of digital payments, particularly in rural areas where families often share one bank account. With this change, two family members can now make UPI payments using the same bank account.
Additionally, the RBI has increased the limit for making tax payments via UPI. The transaction limit for tax payments has been raised from ₹1 lakh to ₹5 lakh per transaction, simplifying the process for consumers.