The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced a hike in pre-transaction limits for UPI 123Pay and UPI Lite. The new guidelines will allow users to conduct UPI transactions of up to Rs 1,000 without entering a PIN, up from the previous Rs 500 limit.
The limit for UPI Lite balances has also been increased to Rs 5,000 from Rs 2,000. UPI Lite, available on apps like Paytm, BHIM, and Google Pay, was launched in September 2022 to support quick, low-value transactions. Many banks are already offering this facility.
Ramakrishnan Ramamurthy, Chief Delivery and Operations Officer at Worldline India, said the higher transaction limits will boost last-mile coverage and enhance convenience. Venkatraman Venkateswaran, CFO of Federal Bank, called the increase a “welcome move.”
The RBI also introduced Auto-Replenishment for UPI Lite wallets, allowing users to top up their balance automatically under an e-mandate framework. This step aims to further promote small-value digital payments.
UPI123Pay, launched in March 2022 by NPCI, allows feature phone users to make secure UPI payments in 12 languages.
Also Read: RBI Keeps Repo Rate Steady At 6.5%; Maintains GDP Growth Forecast
India T20I captain Shreyas Iyer says the Asian Games will give India an opportunity to…
Union Home Minister Amit Shah welcomed the ABVP’s performance in the Delhi University Students’ Union…
Bihar Chief Minister Samrat Choudhary has donated one month’s salary to the Chief Minister’s Relief…
India and China need pragmatic engagement, stronger economic capabilities and sustained dialogue to manage strategic…
Maharashtra Chief Minister Devendra Fadnavis met director Vishal Chaturvedi and the Hanuman Ansh team at…
Congress backs Mamata Banerjee’s faction over the symbol dispute but rules out an electoral alliance…