The Reserve Bank of India (RBI) has increased the transaction limit for offline digital payments made through UPI Lite. This increase in UPI Lite transaction limit is especially beneficial for individuals living in areas where internet penetration is very low. A notable feature of UPI Lite transactions is that they can be completed without entering the UPI PIN.
New UPI Lite Limits 2024
RBI has amended two major limits:
The UPI Lite limit per transaction has been increased from Rs 500 to Rs 1,000
The total wallet capacity for UPI Lite has been increased from Rs 2,000 to Rs 5,000.
This was announced by RBI Governor Shaktikanta Das in the Monetary Policy Review in October.
Das said, “UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation. To encourage wider adoption of UPI and make it more inclusive, it has been decided to (i) increase the per-transaction limit in UPI123Pay from Rs 5,000 to Rs 10,000; and (ii) it has been decided to increase the limit of UPI Lite wallet from Rs 2,000 to Rs 5,000 and per-transaction limit from Rs 500 to Rs 1,000."
The amendment to the framework for UPI Lite was announced by the RBI on December 4, 2024.
What is UPI Lite?
UPI aims to streamline small-value digital payments for offline transactions. UPI Lite enables users to complete low-value purchases without the need for internet connectivity, thereby increasing transaction efficiency. UPI Lite is specifically designed to facilitate quick, small-value offline transactions, which form the majority of retail payments across India.
Users can use the rechargeable balance for small purchases at grocery stores, pharmacies, restaurants, shops, fuel retail outlets, and various other establishments. An added benefit is that these UPI LITE transactions remain separate from the bank passbook, thereby ensuring a record. Easy to maintain. Benefits of UPI Lite UPI Lite offers users 24/7 access, efficient handling of low-value transactions, and simplified transaction monitoring.
Users can make single-click transactions through UPI Lite, set daily spending limits, and avoid entering UPI PINs in public for small payments.
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