Necessary instructions will be issued to NPCI shortly, says Shaktikanta Das, Governor, Reserve Bank of India
Shaktikanta Das, Governor, Reserve Bank of India while announcing the decisions of the MPC on Wednesday.
FinTech BizNews Service
Mumbai, 9 October, 2024: In order to encourage wider adoption of UPI, it has been decided by the RBI to enhance the limits for the certain products of UPI. UPI123 was launched in March 2022, with a view to enable feature-phone users to use UPI. This facility is now available in 12 languages. Currently, the per-transaction limit in UPI123Pay is capped at Rs5000. In order to widen the use-cases, in consultation with the stakeholders, it has been decided to enhance the per-transaction limit to Rs10,000. Necessary instructions will be issued to NPCI shortly, said Shaktikanta Das, Governor, Reserve Bank of India, while announcing the decisions of the MPC on Wednesday.
A limit of Rs500 per transaction and an overall limit of Rs2000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Das added: “To widen the scope of usage of this product, it has now been decided to increase the UPI Lite wallet limit to Rs5,000 and per-transaction limit to Rs1,000. The Framework for facilitating small value payments in offline digital mode, issued by the Reserve Bank, under which UPI Lite has been enabled, will be suitably amended.”
