RBI increases UPI Lite transaction limit to Rs 1000
05 Dec 2024, 04:25 PMThe wallet limit for UPI Lite has been raised from Rs 2,000 to Rs 5,000, while the cap for offline transactions has been doubled from Rs 500 to Rs 1,000.
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The Reserve Bank of India on Wednesday announced an increase in the wallet limit for UPI Lite from Rs 2,000 to Rs 5,000.
The offline transaction limit has been increased from Rs 500 to Rs 1,000, effective immediately.
In October, the RBI said it intended to adjust these limits as part of its monetary policy.
"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," it had said in its statement on developmental and regulatory policies.
UPI Lite -- which aims to promote digital payments in low-connectivity environments -- supports offline transactions for person-to-person payments, person-to-merchant payments, and small merchant payments. Users can pay by scanning or sharing QR codes and through intent-based transactions.
UPI Lite allows users to conduct low-value transactions without using a UPI PIN. It does not rely on a bank’s core banking systems in real-time. The system enables offline debit for payment.
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