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RBI increases UPI Lite transaction limit: The Reserve Bank of India (RBI) has given big relief to the customers using ‘UPI Lite’. Actually, in UPI Lite, the wallet limit has been increased to Rs 5,000 and the per transaction limit has been increased to Rs 1,000.
What is UPI Lite?
Transactions under UPI Lite are offline to the extent that they do not require ‘additional authentication factors’ (AFA). Additionally, transaction alerts are not sent in real time. Offline payments refer to transactions that do not require internet or telecom connectivity on the mobile phone.
What did RBI say?
The Central Reserve Bank said in a circular – The increased limit for UPI Lite will be Rs 1,000 per transaction, with a total limit of Rs 5,000 at any time. At present the upper limit of transaction in offline payment is Rs 500. Along with this, the total limit for offline transactions on any payment instrument at any time is Rs 2,000. Let us tell you that the Reserve Bank had amended the provisions of the ‘Offline Framework’ issued in January 2022 to facilitate small value digital payments in offline transactions. The central bank had announced increasing the limit for offline payments of UPI Lite in October this year.
UPI transactions decreased in November
Transactions through UPI in the country remained low in terms of number and value in November 2024, the reason for which is being said to be the effect of festivals. According to official data, in October this year, the number of UPI transactions reached a record high of 16.58 billion and their value was equal to Rs 23.50 lakh crore. In November this year, their number decreased to 15.48 billion and their value to Rs 21.55 lakh crore.