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LIC IPO applications: Banks told to raise UPI per-transaction cap

A specially created working group found 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

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Nikunj Ohri New Delhi
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.

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First Published: Feb 17 2022 | 7:51 PM IST

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