UPI To further promote the growing popularity of UPI, the Reserve Bank of India (RBI) has proposed to increase the limit of UPI Lite wallet from Rs 2,000 to Rs 5,000 and per transaction limit to Rs 1,000. Presenting the bi-monthly monetary policy review, RBI Governor Shaktikanta Das on Wednesday said that with continuous innovation and adoption, UPI has transformed the financial landscape of the country by making digital payments easy and inclusive.
UPI 123 limit increased
He said, “To further encourage its use and make it more inclusive, it has been proposed to increase the per transaction limit in UPI 123 payments from Rs 5,000 to Rs 10,000.” Also, it has been decided to increase the limit of UPI wallet from Rs 2,000 to Rs 5,000 and the per transaction limit to Rs 1,000. Currently, the limit of UPI Lite wallet is Rs 2,000 and Rs 500 per transaction. According to the RBI statement, suitable amendments will be made in the Reserve Bank’s framework related to UPI Lite to facilitate small value payments through offline digital means. Additionally, the ‘UPI 123 Pay’ facility will now be available in 12 languages.
This facility will be available in NEFT and RTGS
With this, NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement System) will facilitate account holder name verification like UPI and IMPS (Immediate Payment Service) before finalizing the fund transfer. Currently, UPI and IMPS (Immediate Payment Service) allow the sender to verify the name of the recipient (beneficiary) before sending money. “Now sending the amount through RTGS and NEFT will facilitate verification of the beneficiary’s name,” Das said. This will reduce the possibility of money going to the wrong person and fraud. RBI said that guidelines in this regard will be issued soon.