Oct 09, 2024 11:22 AM IST
RBI raises UPI lite transaction limit to ₹1,000 and wallet limit to ₹5,000. UPI 123PAY transaction limit increased to ₹10,000.
The Reserve Bank of India (RBI) announced a hike in the UPI lite per transaction limit to ₹1,000 from ₹500. The central bank also hiked the UPI lite wallet limit to ₹5,000 from currently ₹2,000. The RBI also has hiked the UPI 123PAY per transaction limit to ₹10,000 from ₹5,000.
The RBI governor said, “UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation. To further encourage wider adoption of UPI and make it more inclusive, it has been decided to (i) enhance the per-transaction limit in UPI123Pay from ₹5,000 to ₹10,000; and (ii) increase the UPI Lite wallet limit from ₹2,000 to ₹5,000 and per-transaction limit from ₹500 to ₹1,000.”
As per Development and Regulatory Policies, “In order to encourage wider adoption of UPI, it has been decided to enhance the limits for the following products of UPI:
i) UPI123Pay: UPI123 was launched in March 2022, with a view to enable feature-phone users to use UPI. This facility is now available in 12 languages. Currently, the per-transaction limit in UPI123Pay is capped at ₹5000. In order to widen the use-cases, in consultation with the stakeholders, it has been decided to enhance the per-transaction limit to ₹10,000. Necessary instructions will be issued to NPCI shortly.
ii) UPI Lite: A limit of ₹500 per transaction and an overall limit of ₹2000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. To widen the scope of usage of this product, it has now been decided to increase the UPI Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000. The framework for facilitating small value payments in offline digital mode, issued by the Reserve Bank, under which UPI Lite has been enabled, will be suitably amended.”