With the aim of increasing popularity of UPI and to promote it further, the Reserve Bank of India (RBI) has proposed to increase the UPI Lite Wallet Limit from Rs 2,000 to Rs 5,000 and the per transaction limit to Rs 1,000. Currently, the UPI Lite Wallet limit is Rs 2,000 and Rs 500 per transaction.
RBI Governor Shaktikanta Das while presenting the bi-monthly monetary policy review on Wednesday said that with continuous innovation and acceptance, UPI has transformed the financial landscape of the country by making digital payments easy and inclusive.
He said, “To further encourage its use and make it more inclusive, it has been proposed to increase the per transaction limit in UPI 123 payment from Rs 5,000 to Rs 10,000. Also, it has been decided to increase the limit of UPI wallet from Rs 2,000 to Rs 5,000 and the per transaction limit to Rs 1,000.
‘UPI 123 Pay’ facility is now available in 12 languages
According to the RBI statement, suitable amendments will be made in the RBI framework related to UPI Lite to facilitate small value payments through offline digital means. Apart from this, the facility of ‘UPI 123 Pay’ will now be available in 12 languages.
With this, NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement System) will facilitate verification of account holder’s name before finalising fund transfer, just like UPI and IMPS (Immediate Payment Service).
Currently, UPI and IMPS allow the sender to verify the name of the recipient (beneficiary) before sending money.
Governor Shaktikanta Das said, “Now sending money under RTGS and NEFT will facilitate verification of the name of the beneficiary. This will reduce the chances of money going to the wrong person and fraud.” RBI said that guidelines will be issued soon in this regard.
Related Articles:-
Banks Closed On October 11: Here’s Why RBI Has Declared A Bank Holiday
Demat Account: You can invest in shares through SIP through Demat Account, know its process
UPI Transaction Limit: RBI increases UPI Lite and UPI 123Pay Limits, Check New limit here
