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UPI Limit: The Reserve Bank of India has given a good gift to UPI users on Wednesday. RBI has announced that the limit for offline digital payments through UPI Lite has been increased. Under this, the limit of UPI wallet is being increased from Rs 2000 to Rs 5000.
Apart from this, the limit per transaction in ‘UPI Lite’ has been increased from Rs 500 to Rs 1000. At present the upper limit of transaction in offline payment was Rs 500 and with this the total limit of offline transaction on this payment mode at any time is Rs 2000. Another big advantage of this is that through UPI Lite, you can make payments up to Rs 5000, so every small payment will not be visible in your bank statement.
Access to UPI will become easier due to the move of Reserve Bank
The Reserve Bank of India (RBI) has taken this step to simplify the Unified Payment Interface and make it more accessible to the common people. The Reserve Bank said in a circular that the increased limit for UPI Lite will be Rs 1000 per transaction with the total limit at any time being Rs 5000.
What is UPI Lite?
Transactions under UPI Lite are offline to the extent that they do not require any Factor of Identification (AFA) other than validation. Apart from this, alerts related to transactions are also not sent in real time. Offline payment means such transactions which do not require internet or telecom connectivity in the mobile phone.
RBI had announced to increase the limit of UPI Lite in October.
The Reserve Bank has modified the provisions of the offline structure issued in January 2022 to facilitate small limit digital payments in offline transactions and has given information about the same. The Reserve Bank had announced to increase the limit of offline payment of UPI Lite in October this year and it was officially announced during the RBI MPC meeting yesterday.
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