RBI has announced to increase the UPI Lite per transaction limit to Rs 1,000 from the current Rs 500. The central bank has also increased the UPI Lite wallet limit to Rs 5,000 from the current Rs 2,000.
The Reserve Bank of India (RBI) has announced to increase the UPI Lite per transaction limit from the current Rs 500 to Rs 1,000. The central bank has also increased the UPI Lite wallet limit from the current Rs 2,000 to Rs 5,000. RBI has also increased the UPI 123PAY per transaction limit from Rs 5,000 to Rs 10,000. The increase in transaction limit will help users make digital payments easier. RBI made this announcement in today’s monetary policy meeting.
“UPI has transformed India’s financial outlook by making digital payments accessible and inclusive through continuous innovation and adaptation,” the RBI governor said in a statement reported by ET. According to the RBI, “To encourage wider adoption of UPI, it has been decided to increase the limits of the following UPI products.
UPI123Pay: UPI123 was launched in March 2022 with the aim of enabling feature-phone users to use UPI. The facility is now available in 12 languages. Currently, the per transaction limit in UPI123Pay is limited to Rs 5000. Now it has been decided to increase the per transaction limit to Rs 10,000. Necessary instructions will be issued to NPCI soon.
UPI Lite: A limit of Rs 500 per transaction and a total limit of Rs 2000 per UPI Lite wallet is currently applicable What is UPI Lite and UPI Lite Wallet for UPI Payments? UPI Lite helps individuals to make UPI payments without entering the UPI transaction PIN. Currently, such transactions can be done up to Rs 500 per transaction. Going forward, one can make UPI payments up to Rs 1000 per transaction without a UPI PIN. To use the UPI Lite facility, one needs to add money to the UPI Lite wallet. One can add up to Rs 2,000 to the UPI Lite wallet to make transactions without entering the UPI PIN.
New facility of payment through RTGS and NEFT
The Reserve Bank of India (RBI) has proposed a new facility that will allow verification of the recipient’s name before making payments through RTGS and NEFT, similar to the facility available in UPI and IMPS transfers. The initiative aims to reduce cases of erroneous fund transfers. This announcement was made by RBI Governor Shaktikanta Das during the Monetary Policy Committee meeting on October 9, 2024.
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