UPI Lite: RBI raises wallet limit to Rs 5,000, transaction limit to Rs 1,000

The Reserve Bank connected Wednesday accrued the UPI Lite wallet bounds to Rs 5,000 and per-transaction bounds to Rs 1,000 successful bid to promote wider adoption of the fashionable instant outgo strategy done mobile phones. UPI Lite transactions are offline to the grade that Additional Factor of Authentication (AFA) is not required, and transaction alerts are not sent successful existent time. Currently, the precocious bounds of an offline outgo transaction is Rs 500 and the full bounds for offline transactions connected a outgo instrumentality is Rs 2,000 astatine immoderate constituent successful time.

The Reserve Bank connected Wednesday amended the 'offline framework' issued successful January 2022 with an purpose astatine facilitating tiny worth integer payments successful offline mode.

"...The enhanced limits for UPI Lite shall beryllium Rs 1,000 per transaction, with Rs 5,000 being the full bounds astatine immoderate constituent successful time," said a Reserve Bank circular.

An announcement successful this respect was made by the cardinal slope successful October this year.

An offline outgo means a transaction which does not necessitate net oregon telecom connectivity to instrumentality effect.