UPI Lite Wallet Limit Increased To Rs 5,000 From Rs 2,000

UPI Lite Wallet Limit Increased To Rs 5,000 From Rs 2,000

New Delhi: The Reserve Bank of India (RBI) has announced a couple of limit hike for UPI transactions. RBI has announced to increase UPI Lite wallet limit from Rs 2,000 at present to Rs 5,000. Further the central bank has said that UPI123Pay  per-transaction limit will be hiked from Rs 5,000 to Rs 10,000.

"UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation. To further encourage wider adoption of UPI and make it more inclusive, it has been decided to (i) enhance the per-transaction limit in UPI123Pay from ₹5,000 to ₹10,000; and (ii) increase the UPI Lite wallet limit from ₹2,000 to ₹5,000 and per-transaction limit from ₹500 to ₹1,000," RBI Governor Saktikanta Das while announcing the bi-monthly monetary policy said.

RBI has also proposed to introduce such  Beneficiary Account Name Look-up Facility a facility for the Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) system. RBI said that this facility will enable the remitter to verify the name of the account holder before effecting funds transfer to him/her through RTGS or NEFT. This will also reduce the possibility of wrong credits and frauds.

The Reserve Bank of India kept the key interest rates unchanged for the 10th consecutive time on Thursday. RBI Governor Shaktikanta Das, announcing the outcome of the three-day Monetary Policy Committee (MPC) meeting said that the repo rate has been kept unchanged at 6.5 percent.