UPI Lite wallet limit hiked
In order to encourage wider adoption of UPI payments, the Reserve Bank of India has decided to increase the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000 from Rs 2,000 and Rs 500 respectively. UPI Lite functions without utilizing a remitter bank’s core banking systems in real-time, while providing adequate risk mitigation.
Further, the RBI has also decided to enhance the per-transaction limit to Rs 10,000 in the case of UPI123 Pay from Rs 5,000. This facility is now available in 12 languages.
