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The NPCI has set an upper transaction limit and number of transactions per day limit for UPI transfers. The UPI transaction limit per day has been defined by each bank in the UPI network and varies bank to bank since NPCI has not issued any regulation for that.
At present, the upper transfer limit per UPI transaction is Rs. 1 Lakh. This limit is enabled as UPI is based on IMPS technology. In most of the cases, the maximum number of UPI transactions permitted per individual per day is limited to 20.
United payment interface or UPI is a payment system that does the job of instant transfer between two banks through a smartphone. It's like one single application for different banks. This technology has made banking so easy, holding so many features in one umbrella. This is by far one among the best technological advances and fastest payment gateways. It has been developed by the National Payments corporation of India (NPCI) and powered by the Reserve Bank of India(RBI).
UPI’s main aim is to instantly transfer funds from one bank account to another account with the help of UPI address (a unique virtual address given by the bank) or through IFSC code or bank account number. It is completely built on IMPS technology.