UPI Lite: Now customers will be able to transact up to a maximum of Rs 1000 at a time. Earlier this limit was Rs 500. Along with this, the limit of keeping money in the wallet has been increased from two thousand to five thousand rupees.
National Payment Corporation of India (NPCI) has increased the limit per transaction in UPI Lite. Now customers will be able to transact a maximum of Rs 1000 at a time. Earlier this limit was Rs 500. Along with this, the limit of keeping money in the wallet has been increased from two thousand to five thousand rupees. According to the circular of NPCI, these new limits have come into effect with immediate effect.
Recently, through its latest circular, NPCI has announced new limits for UPI Lite. This decision has been taken in line with the announcement of the Reserve Bank of India (RBI) last year. Through this, an effort is being made to make small value transactions easier. NPCI has instructed all banks to immediately make the necessary changes to implement these new limits.
The amount will be automatically added to your bank account
Earlier, the National Payments Corporation has instructed payment service provider banks and app companies to start the facility of transferring the remaining amount of UPI Lite wallet to the bank account. This facility will start by March 31. Currently, users using UPI Lite can add money to their wallet, but there is no option to withdraw it.
Auto top-up facility also applicable
Along with this, the facility of auto top-up has also been implemented. That is, when the balance is low, the amount will be automatically deducted from the bank account and added to the UPI Lite wallet. For this, customers will have to activate this facility. Click on your profile in the consumer app. There you will find the option of UPI Lite, click on it. After that, the option of add money will come, in which select your bank by filling the amount and then add the amount by entering the PIN. Customers can also set the limit of auto top-up. You can keep up to Rs 5000 in the UPI Lite wallet.
There is no need to enter PIN in these cases
According to the new circular of NPCI, UPI Lite users will not need to enter the PIN number for payments below Rs 500. Apart from this, NPCI has asked banks to identify those UPI Lite accounts in which there has been no transaction in the last six months. The balance in these accounts will be sent back to the bank account.
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