Verify new pointers – India TV
In a big improvement, the Reserve Financial institution of India on Wednesday revised the pockets restrict for the UPI Lite from Rs 2,000 to Rs 5,000. Based on the brand new guidelines launched, the higher transaction restrict for UPI Lite below offline framework has been elevated from Rs 500 to Rs 1,000 per transaction.
Verify new pointers
As per the brand new rules, the RBI mentioned the offline framework has been up to date and the improved limits for UPI Lite shall be Rs 1,000 per transaction, with Rs 5,000 being the entire restrict at any cut-off date.
The framework earlier prescribed an higher restrict of Rs 500 for digital fee transaction below offline framework and a complete restrict of Rs 2,000 for a fee instrument at any cut-off date.
Complete limits for UPI Lite to take impact instantly
The improved transaction and complete limits for UPI Lite are set to take impact instantly, offering a big enhance to customers who depend on this mode of fee for day-to-day purchases. The RBI has emphasised that this replace goals to additional streamline digital fee options whereas making certain safety and ease of use for customers.
The round has been issued below the authority of Part 18 learn with Part 10(2) of the Fee and Settlement Methods Act, 2007, and is anticipated to create a extra sturdy and inclusive digital fee ecosystem in India.
Earlier, On October 9, the RBI introduced a rise in transaction limits for Unified Funds Interface (UPI) providers, notably for customers of keypad cell phones.
The announcement was made by RBI Governor Shaktikanta Das over the past coverage charges announcement. The improved transaction and complete limits for UPI Lite are set to take impact instantly.
In October 2024, Unified Funds Interface (UPI) achieved a historic milestone by processing 16.58 billion monetary transactions in a single month, underscoring its pivotal function in India’s digital transformation. Launched in 2016 by the Nationwide Funds Company of India (NPCI), UPI has revolutionized the nation’s fee ecosystem by integrating a number of financial institution accounts right into a single cell utility. This technique permits seamless fund transfers, service provider funds, and peer-to-peer transactions, providing customers flexibility via scheduled fee requests.
(With Inputs From ANI)
