The government has asked public and private sector banks to raise per transaction limit for UPI payments to Rs 2 lakh to ensure applications by retail investors for Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO) through UPI are successfully processed.
A working group — overseen by the Department of Investment and Public Asset Management (DIPAM) — created to check technological readiness of back-end systems for IPOs, had found that processing of many applications failed if UPI was selected as a mode of payment by retail investors due to per transaction caps imposed by banks, an official said.
Retail investors