UPI Lite transaction limit has increased, these customers will get great convenience

Jyoti — Thu, 05 Dec 2024 04:41:06 +0000

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.

New UPI transaction limits announced! Check new per transaction limits for UPI Lite Wallet & UPI 123Pay

Jyoti — Wed, 09 Oct 2024 08:28:56 +0000

Nowadays everyone uses UPI or UPI Lite for making even the smallest payments. In view of the increasing use of UPI, RBI Governor Shaktikanta Das has increased the payment limit through UPI Lite.

In the meeting, the limit of UPI Lite wallet has been increased from Rs 2,000 to Rs 5,000. At the same time, the transaction limit from UPI 123pay has been increased from Rs 5,000 to Rs 10,000. That is, now you can make payments of up to Rs 5,000 from UPI Lite wallet.

What is UPI 123 Pay feature?

UPI 123Pay is an instant payment system for feature phone users who can use UPI payments in a secure and reliable way. Through UPI 123Pay, phone users can make different types of transactions based on four technology options. These include calling an IVR number, app functionality in feature phones, missed call-based and proximity sound based payments.

You can pay tax up to Rs 5 lakh through UPI

Apart from this, the Reserve Bank has also increased the limit for paying tax through UPI. Reserve Bank Governor Shaktikanta Das said that now the limit for paying tax through UPI is being increased from Rs 1 lakh to Rs 5 lakh per transaction.

The use of UPI will increase further

According to the PwC India report, by 2028-29, the total transactions on UPI will reach 439 billion from the current 131 billion. This shows that there is a possibility of a 91 percent increase in digital payments.

This announcement was made regarding NBFC

RBI has also issued new guidelines for banks and NBFCs regarding non-business floating rate loans. He said that banks and NBFCs cannot charge foreclosure charges and prepayment penalty on non-business floating rate loans. Meanwhile, he also said that the financial position of banks and NBFCs is strong. Banks and NBFCs should assess the exposure at a personal level. However, there is concern about the growth of some NBFCs.

UPI Lite transaction limits - Rightsofemployees.com