The Reserve Bank of India (RBI) has announced changes to the Unified Payments Interface (UPI) system during its latest Monetary Policy Committee (MPC) meeting.
The RBI has raised the transaction limits for two key UPI services—UPI 123Pay and UPI Lite—offering more convenience for millions of users.
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, informed RBI.
Similarly, 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.
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