With the aim of further promoting the growing popularity of UPI, the Reserve Bank of India (RBI) has proposed to increase the limit of UPI Lite Wallet from Rs 2,000 to Rs 5,000 and the per transaction limit to Rs 1,000.
Presenting the bi-monthly monetary policy review on Wednesday, RBI Governor Shaktikanta Das said that with continuous innovation and acceptance, UPI has transformed the country’s financial landscape by making digital payments easy and inclusive.
UPI 123 limit increased
He said, “To further encourage its use and make it more inclusive, it has been proposed to increase the per transaction limit in UPI 123 payment from Rs 5,000 to Rs 10,000. Also, it has been decided to increase the limit of UPI wallet from Rs 2,000 to Rs 5,000 and the limit per transaction to Rs 1,000. ” Currently, the limit of UPI Lite wallet is Rs 2,000 and Rs 500 per transaction. According to the RBI statement, suitable amendments will be made in the Reserve Bank’s framework related to UPI Lite to facilitate small value payments through offline digital means. Apart from this, the facility of ‘UPI 123 Pay’ will now be available in 12 languages.
This facility will be available in NEFT and RTGS
With this, NEFT (National Electronic Fund Transfer) and RTGS (Real Time Gross Settlement System) will facilitate verification of the name of the account holder before finalizing the fund transfer like UPI and IMPS (Immediate Payment Service). Currently, before sending money under UPI and IMPS (Immediate Payment Service), the sender gets the facility to verify the name of the recipient (beneficiary). Das said, “Now sending money under RTGS and NEFT will facilitate verification of the name of the beneficiary. This will reduce the chances of money going to the wrong person and fraud. “RBI said that guidelines will be issued in this regard soon.
