look news india
RBI: Common people will be able to autofill the balance in their UPI Lite. Till now people have to transfer money every time. After the new change, when the money in UPI Lite is less than a limit, it will automatically be transferred from the bank account to UPI Lite. The Reserve Bank of India (RBI) has today announced the integration of the Unified Payments Interface (UPI) Lite with the framework of the e-Mandate Framework on Friday 7 June 2024. The announcement was made by RBI Governor Shaktikanta Das, who emphasized the potential of this integration to streamline the process of making digital payments.
RBI said- these changes will happen
The UPI Lite service currently helps users load up to ₹2,000 in their wallets and make payments of up to ₹500, but that is going to change now. Under the proposed integration, users will now get the benefit of auto-replenishment feature for their UPI Lite wallets. This means that if the wallet balance goes below the user's set limit, the money will be automatically transferred from their bank account. This will eliminate the need for additional verification or pre-debit notification.
Payments will become easier with UPI Lite
Giving the reasoning behind this move, RBI has emphasized the need to make UPI Lite transactions better than before. By bringing UPI Lite under the ambit of the e-mandate framework, RBI aims to improve hassle-free digital payments as well as small value transaction services for customers.
