The Reserve Bank of India (RBI) has raised the wallet limit for UPI Lite from ₹2,000 to ₹5,000, aiming to encourage more digital transactions. The new guidelines were announced recently and are effective immediately.
New Wallet Limit
With the updated regulations, the UPI Lite wallet limit has been increased to ₹5,000, up from the previous ₹2,000. This change allows users to store more funds in their UPI Lite wallets, facilitating easier and faster transactions for daily purchases.
Updated Transaction Limit
The RBI has also increased the transaction limit for offline payments, which now stands at ₹1,000, up from ₹500. This enhancement allows users to carry out larger transactions without the need for internet connectivity, improving the convenience of cashless payments.
Regulatory Framework
These changes are implemented under the Payment and Settlement Systems Act, 2007, reinforcing the RBI’s commitment to promoting digital payments across the country. The new limits reflect the growing demand for secure and efficient payment systems in India.
Context of Changes
RBI Governor Shaktikanta Das highlighted the importance of increasing transaction limits to further promote digital transactions, which play a critical role in India’s evolving economy. These adjustments align with the RBI’s broader strategy to improve the digital payment ecosystem and make it more accessible to all users.
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