the Offline framework has been updated and the enhanced limits for UPI Lite shall be Rs1,000 per transaction, with Rs5,000 being the total limit at any point in time
FinTech BizNews Service
Mumbai, 4 December, 2024: This has reference to the RBI circular CO.DPSS.POLC.No.S1264/02-14-003/2021-2022 dated January 03, 2022 (updated as on August 24, 2023) which enabled small value digital payments in offline mode (Offline Framework). The framework, inter-alia, prescribes an upper limit of Rs500 for offline digital payment transaction, and a total limit of Rs2,000 for a payment instrument at any point in time.
2. A reference is also invited to the Statement on Developmental and Regulatory Policies dated October 09, 2024, wherein it was announced that the stated limits shall be enhanced for UPI Lite. Accordingly, the Offline framework has been updated and the enhanced limits for UPI Lite shall be Rs1,000 per transaction, with Rs5,000 being the total limit at any point in time.
3. This circular is issued under Section 18 read with Section 10 (2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), and shall come into effect immediately.
