New Delhi: A big news is coming out related to Unified Payment Interface Lite (UPI Lite). Actually, at present UPI Lite users do not get the facility to withdraw the remaining balance in UPI Lite account, but this facility is going to start soon. In this regard, National Payments Corporation of India i.e. NPCI had issued a circular.
NPCI issued circular
NPCI has directed all issuing banks, payment service provider (PSP) banks on which UPI Lite facility is active to implement and activate the “Transfer Out” functionality by March 31, 2025.
The circular said, “All members must implement the ‘Transfer Out’ functionality. This allows users to withdraw money from their UPI Lite balance to the source bank account from which it was loaded, without disabling UPI Lite. Purpose code 46 will be used to identify ‘Transfer Out’ transactions.”
At present, the account has to be deactivated
Let us tell you that at present UPI LITE only performs one way function. This means that users can only load money from their source bank account to UPI Lite wallet, while there is no facility to send it back to the bank account. In such a situation, if a user wants to transfer the balance from his UPI Lite to the bank, then he has to deactivate the account.
UPI Lite limit was increased in December
It is worth noting that UPI Lite facility has been started to complete small transactions without any interruption. Internet is not required for transactions through this. Let us tell you that in the month of December, RBI had increased the limit of transactions related to UPI Lite. The Reserve Bank of India has increased the per transaction limit (UPI Lite Limit) to Rs 1000, while the total limit has been increased to Rs 5000, which was earlier Rs 2000.
When will the new facility be available?
It is known that from the next financial year i.e. April 1, 2025, UPI LITE users can transfer the remaining balance in their UPI LITE directly to the bank account from where they transferred funds to the UPI Lite account. With the introduction of this facility, UPI Lite users are going to get a big relief.
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