UPI Limit: The Reserve Bank of India on Wednesday gave a good gift to the users of UPI. RBI has announced that the limit of offline digital payment has been increased through UPI Lite. Under this, the limit of UPI wallet is being increased from Rs 2000 to Rs 5000.
Apart from this, the limit per transaction in ‘UPI Lite’ has been increased from Rs 500 to Rs 1000. Currently, the upper limit of transactions in offline payment was Rs 500 and with this the total limit of offline transactions on payment mode at any time is Rs 2000. One of its major advantages is that through UPI Lite you can make payments up to Rs 5000, so that every small payment will not be seen in your bank statement.
Access to UPI will be easy due to the step taken by the Reserve Bank
The Reserve Bank of India (RBI) has taken this step to simplify the Unified Payment Interface and make it more accessible to the common people. The Reserve Bank said in a circular that the increased limit for UPI Lite will be Rs 1000 per transaction with a total limit of Rs 5000 at any time.
What is UPI Lite?
Transactions under UPI Lite are offline to the extent that they do not require Factor of Identification (AFA) apart from validation. Apart from this, transaction related alerts are also not sent in real time. Offline payment means transactions which do not require internet or telecom connectivity in mobile phones.
RBI had announced to increase the limit of UPI Lite in October
The Reserve Bank has revised the provisions of the offline structure issued in January 2022 to facilitate small limit digital payments in offline transactions and has given information about it. The Reserve Bank had announced to increase the limit of offline payment of UPI Lite in October this year and it was officially announced during the RBI MPC meeting yesterday.
