RBI has decided to increase the limit of UPI Lite and UPI 123 Pay. Also, now sending money through 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.
There is good news for those who use UPI for transactions. With the aim of increasing popularity of UPI and promoting it further, RBI has proposed to increase the limit of UPI Lite Wallet from Rs 2,000 to Rs 5,000 and the limit per transaction to Rs 1,000. Presenting the bi-monthly monetary policy review on Wednesday, RBI Governor Shaktikanta Das said that with continuous innovation and acceptance, UPI has changed the financial landscape of the country by making digital payments easy and inclusive.
He said that to further encourage its use and make it more inclusive, it has been proposed to increase the per transaction limit in UPI 123 Pay 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 5,000 and the per transaction limit to Rs 1,000. Currently, the limit of UPI Lite Wallet is Rs 2,000 and Rs 500 per transaction.
Verification facility
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, UPI 123 Pay facility will now be available in 12 languages. Along with this, like UPI and IMPS, the facility of verification of the name of the account holder will be available before finalizing the fund transfer in NEFT and RTGS.
Currently, before sending money under UPI and IMPS, the sender gets the facility to verify the name of the recipient. Das said that 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.
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