RBI increases UPI Lite limit from Rs 2,000 to Rs 5,000

The Reserve Bank of India (RBI) has increased the limit of the UPI Lite. The limit for per-transaction for UPI limit has been increased from Rs 500 to Rs 1,000, said Governor Shaktikanta Das. Meanwhile, the UPI lite limit for wallet transactions has been hiked from Rs 2,000 to Rs 5,000.

has announced an increase in the transaction limits for UPI 123Pay and UPI Lite.

The top bank has also raised the limit for UPI123Pay. The per-transaction limit for UPI 123Pay has been raised from Rs 5,000 to Rs 10,000.

“UPI has significantly changed India’s financial landscape by making digital payments more accessible and inclusive through ongoing innovation. To further promote UPI adoption, two key enhancements have been announced: (i) the per-transaction limit for UPI123Pay will be raised from Rs 5,000 to Rs 10,000, and (ii) the UPI Lite wallet limit will increase from Rs 2,000 to Rs 5,000, with the per-transaction limit going from Rs 500 to Rs 1,000,” said Governor Shaktikanta Das.

RBI has also added a beneficiary verification system in the Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) systems. This was earlier only available in UPI and Immediate Payment Service (IMPS) services.

“This facility will enable the remitter to verify the name of the account holder before effecting funds transfer to him/her through RTGS or NEFT. This will also reduce the possibility of wrong credits and frauds, Das said.

The RBI MPC has kept the repo rates unchanged during the October policy meeting, opting to hold steady despite the US Federal Reserve’s recent rate cut of 50 basis points. The repo rate stays at 6.5 percent. RBI has changed the stance to ‘neutral’ from ‘withdrawal of accommodation’.

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