Latest news with #UPI
India.com
11 minutes ago
- Business
- India.com
Attention Google Pay, PhonePe, Paytm, BHIM, YONO users: Here's how to increase UPI transaction limit from Rs 1 lakh, condition is..., banks must...
UPI transactions- File image UPI transaction limit: In a world which is witnessing a massive growth in digital payments and especially the Unified Payments Interface (UPI), which has become the fastest and most popular way to transfer money, a transaction limit of Rs 1 lakh is sometimes a point of concern for many users. It is widely felt that the transaction limit often leads to issues while transacting for bigger financial transactions. If you are one of those UPI users who is interested in increasing your daily transaction limit, here is the process you need to know. How to increase UPI Limit? 1. Check your current limit: Before applying for increasing your UPI limit, you have to check your current limit by opening your UPI app or bank app. 2. Ensure KYC is complete: You have to ensure that your bank account must be fully KYC verified. 3. Request limit increase: After the above steps are confirmed, you need to visit your bank branch or apply via net/mobile banking. 4. Wait for approval: Bank reviews your transaction history; approval takes 1–2 days. 5. Use another UPI ID if needed: Link a different bank account to continue large transfers. What are the major UPI rule changes? In a major update for UPI users, using UPI will come with a set of new rules aimed at improving transaction speed, reducing system load, and making payments safer from August 1. In the recent update, the National Payments Corporation of India (NPCI) has issued fresh guidelines for all members of the UPI ecosystem, including banks and payment apps, which must be implemented by July 31. What are the new limits on UPI transactions? One of the major changes is a cap on how many times users can check their account balance through a UPI app. From next month, each app will allow a maximum of 50 balance enquiries per customer per day, within a rolling 24-hour period. This limit is per app, meaning a user can still check their balance separately on different UPI apps. The new rules also mandate banks to display the available account balance after every successful UPI payment. For auto-pay transactions, NPCI has fixed specific time slots to avoid network congestion. (With inputs from agencies)
UPI
11 minutes ago
- Business
- UPI
ADP: U.S. private sector added 104,000 jobs in July
July 30 (UPI) -- Private sector employment leapt forward in the United States in July while pay gains held steady, according to a report by private payroll processor ADP on Wednesday. Private sector employment increased by 104,000 jobs in July, a reversal of June when jobs were at a 23,000 loss, a count revised from a previously announced loss of 33,000. Pay rose 4.4 % year-over-year overall, in line with past months, according to the labor market and employee performance research company's National Employment Report. "Our hiring and pay data are broadly indicative of a healthy economy," said ADP Chief Economist Nela Richardson in a press release. "Employers have grown more optimistic that consumers, the backbone of the economy, will remain resilient." The reported numbers are a measure of the labor market, based on the weekly payroll data of more than 25 million American private sector employees, approximately 14.8 million monthly individual pay-change observations. However, among service-providing industries, not every line of work saw an upward bump as the education and health services field lost 38,000 jobs. The leisure and hospitality sectors saw the strongest influx, increasing by 46,000 jobs, followed by financial activities at 28,000. In the goods-production industry, no sector went down, with construction at the top at 15,000. Regionally, the U.S. Northeast was the only section of the country where jobs went down, losing 18,000, 13,000 of which were lost in the New England area. Meanwhile, the American West widely outpaced all other regions by adding 75,000 jobs, besting the second-place South by 32,000. As for earnings, that 4.4% rise is attributed to those who stayed in their jobs, while those who changed their place of work saw a 7% increase. The financial activities sector saw the largest pay swell of the service-providing industries at 5.1%, while manufacturing slightly topped the goods-production industry with a 4.6% increase, just .1% higher than the runner-up construction field.
UPI
41 minutes ago
- Entertainment
- UPI
Watch: 'Tempest' teaser introduces Korean spy thriller
July 30 (UPI) -- Disney+ is previewing its nine-part K-drama spy thriller, Tempest, which arrives on the streamer Sept. 10 with three episodes. The trailer released Wednesday begins with an assassination at a wedding. "Set in Korea, Tempest follows Seo Munju (Gianna Jun), a former United Nations Ambassador whose life gets flipped on its head when her husband, a presidential candidate, is assassinated in front of her," an official synopsis reads. Seo runs for office in his place, and meets "a mysterious mercenary (Gang Don-won)" who vows to protect her. The series also stars John Cho, Michael Gaston, Spencer Garrett, Lee Misook, Park Hae-joon and Christopher Gorham. Chung Seo-kyung wrote the script. She is well known for her collaborations with Park Chan-wook on such films as The Handmaiden. Tempest will also stream on Hulu in the United States.
UPI
41 minutes ago
- Business
- UPI
Eurozone economy weathers trade headwinds to stay in the black
Growth in the 20 European Union countries that use the euro as their currency slowed almost to a standstill in the second quarter. However, the fact that GDP rose at all in the face of headwinds from across the Atlantic and elsewhere was hailed by economists as a positive for its immediate prospects. File Photo by John Angelillo/UPI | License Photo July 30 (UPI) -- The Eurozone economy slowed sharply in the three months ending in June, posting growth of 0.1% after German and Italian GDP went negative, preliminary data out Wednesday from the European Union's main statistical agency shows. The pace of economic growth across the 20 countries that use the euro fell from 0.6% in the first quarter of the year but the European Union as a whole held up a little better, with the economy recording a 0.2% expansion, Eurostat said in a news release. Compared with 2024, the slowdown was marginal, +1.4% versus +1.5% in the first quarter for the eurozone, and +1.5% versus +1.6% in the first quarter across all 27 EU member countries, according to Eurostat, which caveated the data by saying it was subject to future revision. Germany, the growth engine of the economic bloc, saw its economy shrink by 0.1%. Italy's GDP growth was also down 0.1%, while the Irish economy shrank by a full percentage point. Spain posted the strongest performance with a 0.7% gain, helped by both strong domestic consumption and exports, followed by Portugal and Estonia, which added 0.6% and 0.5% respectively. However, the performance was seen as evidence of resilience in the face of U.S. President Donald Trump's trade war and the winding down of artificially high exports in the first quarter as firms raced to get goods stateside ahead of the imposition of threatened tariffs on the EU. Analysts had expected the uncertainty created by the "liberation day" tariffs regime unveiled by Trump on April 2 to cause eurozone GDP to flatline. However, the contraction in the German GDP on the back of a slowdown in manufacturing and construction investment leaves the economy the same size as it was prior to COVID-19. "Germany is likely to be hit harder than other major economies by tariffs and continue to struggle this year before fiscal stimulus starts to boost the economy in 2026," said Capital Economics' senior Europe economist Franziska Palmas. Staying in the black could suffice to convince the European Central Bank, which sets interest rates in the euro area, to hold off from cutting its key policy rate -- the main refinancing rate -- from its current 2.15% level at its next meeting Sept. 9. Wednesday's data does not take into account the impact on the euro area of the trade deal struck Sunday between European Commission President Ursula von der Leyen and Trump, which will see a 15% across-the-board tariff on all EU goods entering the United States. The deal, which cuts in half the 30% rate Washington had been poised to bring into force on Friday, will also lower barriers to U.S. companies exporting to the EU, removing tariffs entirely from some products. The deal's apparent bias in favor of the United States sent the euro plummeting Monday to its lowest level against the U.S. dollar in more than two years. The devaluation has since continued with EUR/USD trading at 1.146 in afternoon trade on Wednesday.
UPI
an hour ago
- Business
- UPI
Economists: Federal Reserve unlikely to drop interest rates
July 30 (UPI) -- The United States Federal Reserve will release its interest rates decision Wednesday, but it's unlikely to cut rates, economists say. The economy is mostly unchanged since last month, and the effects of President Donald Trump's tariffs are just beginning to take effect. So the Federal Open Market Committee is likely to stay the course until September. Trump has waged a verbal war against Fed Chair Jerome Powell, demanding that he lower interest rates or resign. Trump has even suggested he might fire Powell, whose term on the FOMC ends in May 2026. "They're not going to get anything if they ease, other than they'll look like they're knuckling under to the president," Bill English, the Fed's former head of monetary affairs and now a professor at the Yale School of Management, told CNBC. "So I think their best policy for sure is just to look at the data, make their best judgment, make their policy decision and explain it as well as they can." For the first time since 1993, two FOMC governors could dissent against keeping the rates where they are. Governors Christopher Wallen and Michelle Bowman have backed Trump's call for a rate cut. "It's a long way to September," Morgan Stanley said in a note to clients. "The Fed needs more time to determine how the economy is evolving versus its goals." Oxford Economics Chief U.S. Economist Ryan Sweet said he doesn't expect the "central bank to tip its hand, as it will want to remain flexible because of the lingering uncertainty of where tariffs will ultimately settle, the magnitude of the boost to core goods prices, and whether tariffs are bleeding into other prices." Last year, the Fed lowered its benchmark short-term rate by one percentage point after a pandemic-related inflation spike eased but has since been on hold. But the imposition of tariffs on imported goods makes economists expect an inflation boost and slowed growth. Tariffs have had little effect on inflation so far, but they were beginning to be felt by consumers in June because Chinese-made products got more expensive, according to the consumer price index. But that's because retailers and manufacturers loaded up on goods before the tariffs went into effect or took the costs on themselves. Forecasters say this isn't likely to continue.
