Mumbai/New Delhi, 04 December (HS). There is good news for those doing online transactions. The Reserve Bank of India (RBI) on Wednesday increased the UPI Lite wallet limit to Rs 5,000 and per transaction limit to Rs 1,000. Its objective is to further promote the system of instant payment through mobile phones, so that it can be widely adopted.
According to a notification issued by the RBI, the Reserve Bank has amended the ‘offline framework’ issued in January 2022, which aims to facilitate small value digital payments in offline mode. Currently the upper limit for offline payment transactions is Rs 500, while the total limit for offline transactions on any payment instrument at any point of time is Rs 2,000. UPI Lite transactions occur offline to the extent that no additional authentication factor (AFA) is required, while transaction alerts are not sent in real time.
“The increased limit for UPI Lite will be Rs 1,000 per transaction, while the limit on total payments at any point of time will be Rs 5,000,” a circular issued by the Reserve Bank said. In this regard, the Central Bank had announced this in the month of October this year.
It is noteworthy that offline payment means a transaction that does not require internet or telecom connectivity.
