The Reserve Bank of India has increased the offline UPI Lite transaction limit from Rs 200 to Rs 500. There is no need to enter the PIN for such transactions.
The Reserve Bank of India has increased the offline UPI Lite transaction limit from Rs 200 to Rs 500. There is no need to enter the PIN for such transactions. Reserve Bank Governor Shaktikanta Das told that this decision has been taken in the meeting of the Monetary Policy Committee.
Explain that the facility of UPI Lite was started to promote digital payments. Under this, you can make payment using wallet only without going through bank. However, it is necessary that money is added to the wallet. Platforms like PhonePe and Paytm have started this service. Under this, you can do transactions up to Rs 2000 in a day.
No change in repo rate: Explain that the Reserve Bank has retained the repo rate at 6.5 percent for the third time in a row. Along with this, the central bank has also retained its economic growth forecast for the current financial year at 6.5 percent. At the same time, the inflation forecast for the current financial year 2023-24 has been increased to 5.4 percent.
RBI did not change the repo rate in the previous monetary policy review meetings of June and April. Earlier, the repo rate was increased by 2.50 per cent six times since May last year mainly to bring inflation under control.
