RBI has given a big relief to the customers using ‘UPI Lite’. Actually, the wallet limit in UPI Lite has been increased to Rs 5,000 and the limit per transaction has been increased to Rs 1,000.
RBI increases UPI Lite transaction limits:The Reserve Bank of India (RBI) has given a big relief to the customers using ‘UPI Lite’. Actually, the wallet limit in UPI Lite has been increased to Rs 5,000 and the limit per transaction has been increased to Rs 1,000.
What is UPI Lite?
Transactions under UPI Lite are offline to the extent that they do not require an ‘additional factor of authentication’ (AFA). Also, transaction alerts are not sent in real time. Offline payments refer to transactions that do not require internet or telecom connectivity in mobile phones.
What did RBI say
The Central Reserve Bank said in a circular- The increased limit for UPI Lite will be Rs 1,000 per transaction with a total limit of Rs 5,000 at any time. At present, the upper limit of transactions in offline payments is Rs 500. With this, the total limit of offline transactions on the payment instrument at any time is Rs 2,000. Let us tell you that the Reserve Bank amended the provisions of the ‘offline framework’ issued in January 2022 to facilitate small value digital payments in offline transactions. The central bank had announced to increase the limit of offline payments of UPI Lite in October this year.
UPI transactions decreased in November
Transactions through UPI in the country were low in number and value in November 2024, which is being attributed to the effect of festivals. According to official data, the number of UPI transactions reached a record level of 16.58 billion in October this year and their value was equal to Rs 23.50 lakh crore. In November this year, their number fell to 15.48 billion and their value was Rs 21.55 lakh crore.
