National Payment Corporation of India (NPCI) has increased the limit per transaction in UPI Lite. Now customers will be able to transact a maximum of Rs 1000 at a time. Earlier this limit was Rs 500. Along with this, the limit of keeping money in the wallet has been increased from two thousand to five thousand rupees. According to the circular of NPCI, these new limits have come into effect with immediate effect.

Recently, through its latest circular, NPCI has announced new limits for UPI Lite. This decision has been taken in line with the announcement of the Reserve Bank of India (RBI) last year. Through this, an effort is being made to make small value transactions easier. NPCI has instructed all banks to immediately make the necessary changes to implement these new limits.

The amount will be automatically added to your bank account

Earlier, the National Payments Corporation has instructed payment service provider banks and app companies to start the facility of transferring the remaining amount of UPI Lite wallet to the bank account. This facility will start by March 31. Currently, users using UPI Lite can add money to their wallet, but there is no option to withdraw it.

Auto top-up facility also applicable

Along with this, the facility of auto top-up has also been implemented. That is, when the balance is low, the amount will be automatically deducted from the bank account and added to the UPI Lite wallet. For this, customers will have to activate this facility. Click on your profile in the consumer app. There you will find the option of UPI Lite, click on it. After that, the option of add money will come, in which select your bank by filling the amount and then add the amount by entering the PIN. Customers can also set the limit of auto top-up. You can keep up to Rs 5000 in the UPI Lite wallet.

There is no need to enter PIN in these cases

According to the new circular of NPCI, UPI Lite users will not need to enter the PIN number for payments below Rs 500. Apart from this, NPCI has asked banks to identify those UPI Lite accounts in which there has been no transaction in the last six months. The balance in these accounts will be sent back to the bank account.

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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.

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So far this service has been started by platforms like PhonePe and Paytm. Transactions through UPI have increased in the last few years. Payment is being done through UPI in most of the cities of the country. UPI is also used by small to big vendors. According to the NPC I circular issued in May 2022, 50 per cent of the total UPI transactions across the country are of Rs 200 and less value. Because of this, due to increase in traffic, many times payments get stuck. Apart from this, it also takes time to add the PIN in UPI and follow other processes.

For this reason, UPI Lite was introduced to enable instant payments and reduce traffic in banks. BHIM app has already allowed transactions through UPI Lite. At the same time, Paytm has become the first digital payment app to launch UPI Lite on its platform.

What is UPI Lite

UPI Lite allows users to transact using an ‘on-device’ wallet and not a linked bank account. This means that without going through the bank, you will be able to make the payment as soon as possible by just using the wallet. However you have to add money on the wallet.

How much amount can be paid

Once this feature is set up, UPI Lite Wallet users will be allowed to do instant transactions up to Rs.200. You can easily transfer this money to someone without entering the UPI PIN or verifying the transaction. In particular, users can add a maximum of Rs 2,000 to UPI Lite twice a day. That is, Rs 4000 can be used every day.

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Benefits of UPI Lite

Transactions with UPI Lite will reduce the chances of fraud, as transactions can be done only up to a limit. Banks can make low cost UPI payments without worrying about daily transaction limits. UPI Lite simplifies low cost UPI transactions. Along with this, users can transfer the UPI balance back to the same bank account anytime without any charges.

How will Paytm users be able to setup

To set up UPI Lite in Paytm, open the Paytm app on your iOS or Android smartphone. Then tap on the “Profile” button located at the top left corner of the home page. Now select “UPI & Payment Settings” and then under “Other Settings” section select “UPI Lite”. Now select the account which is eligible for UPI Lite. Add balance to activate it. Now you can use it.

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