 "RBI enhances UPI Lite wallet limits, updates offline payments framework")
The Reserve Bank of India (RBI) on Wednesday enhanced the per-transaction and wallet limits for transactions made on UPI Lite to Rs 1,000 and Rs 5,000, respectively.
Earlier, the per-transaction limit and wallet limit for transactions made through Unified Payments Interface (UPI) Lite were set at Rs 500 and Rs 2,000, respectively.
The banking regulator updated the framework for facilitating small-value digital payments in offline mode after RBI Governor Shaktikanta Das announced the increase in limits for UPI Lite transactions in October.
The limits have been increased to encourage wider adoption of the UPI product.
The UPI Lite feature enables low-value transactions without requiring a UPI PIN. These transactions are carried out without utilising a remitter bank’s core banking systems in real-time, according to the National Payments Corporation of India (NPCI).
During his monetary policy speech in October, Das also announced that the per-transaction limit in UPI123Pay was enhanced from Rs 5,000 to Rs 10,000.
The enhancement in limits for UPI products comes amid increasing adoption of the flagship real-time payments system and the expanding use cases of such transactions.
UPI has recorded 155.44 billion transactions in 2024 on a cumulative basis.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%