look news india
The Reserve Bank of India on Wednesday gave good news to the people paying money through mobile phones. RBI has increased the UPI Lite wallet limit to Rs 5,000 and per transaction limit to Rs 1,000. The move aims to further encourage the system of instant payments through mobile phones.
Money transactions can be done offline through UPI Lite. That is, such transactions do not require Additional Security Verification (AFA) and transaction information is not sent in real time. Till now the maximum limit for offline transactions was Rs 500 and the limit for payment on one device was Rs 2000. The RBI on Wednesday revised the offline framework announced in January 2022 to facilitate small amount payments in offline mode. The increased limit for UPI Lite will be Rs 1,000 per transaction and the overall limit will be Rs 5,000, RBI said in a notification.