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UPI Lite Wallet and UPI 123Pay limits enhanced by RBI; Check new limits here

Upstox
By Upstox News Desk

2 min read | Updated on October 09, 2024, 13:02 IST

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SUMMARY

To make UPI more inclusive and encourage wider adoption, the per-transaction limit in UPI123Pay was increased from ₹5,000 to ₹10,000. The UPI Lite wallet limit was also increased from ₹2,000 to ₹5,000, and the per-transaction limit from ₹500 to ₹1,000.

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UPI has transformed India's financial landscape by making digital payments accessible and inclusive, RBI Governor said.

The Reserve Bank of India on Wednesday announced major updates related to the unified payments interface (UPI). Governor Shaktikanta Das enhanced the pre-transaction limit of UPI 123Pay and UPI Lite wallet.

"UPI has transformed India's financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation," Das said.

To make UPI more inclusive and encourage wider adoption, the per-transaction limit in UPI123Pay was increased from ₹5,000 to ₹10,000. The UPI Lite wallet limit was also increased from ₹2,000 to ₹5,000, and the per-transaction limit from ₹500 to ₹1,000.

Currently, UPI and Immediate Payment Service (IMPS) allows users to verify the name of the receiver (beneficiary) before executing a payment transaction.

Also Read: RBI Policy Meeting 2024: MPC keeps repo rate unchanged at 6.5% for 10th time; stance changed to 'Neutral'
"It is now proposed to introduce such a facility for the Real Time Gross 4Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) system. 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," RBI Governor said.

The banking regulator will also create 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the major risks to the financial system.

Das said it is important for regulated entities to undertake climate risk assessments for make sure stability of their balance sheets and that of the financial system.

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Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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