Reserve Financial institution of India (RBI) on Monday introduced three main adjustments coming to UPI. This contains the upraise of UPI lite restrict for a single transaction, offline UPI transactions through NFC, and conversational transactions.
UPI Lite now helps funds of as much as Rs 500
RBI Governor Shaktikanta Das in a press launch revealed that it’s upgrading the UPI expertise for customers. Particularly for small-value transactions. UPI Lite’s restrict has now been raised to Rs 500. For the uninitiated, the earlier restrict was Rs 200. What this implies is that customers can ship as much as Rs 500 with out placing their UPI PIN.
It’s value noting that the utmost deposit restrict for UPI Lite continues to be Rs 2,000. That mentioned, you’ll be able to deposit Rs 2,000 after which spend as much as Rs 500 per transaction. Customers can deposit Rs 2,000 twice each day. So to make it clear customers can cumulatively spend as much as Rs 4,000 in 24 hours.
UPI Lite transactions don’t get mirrored in your financial institution assertion since they’re executed through a separate pockets, i.e. UPI Lite. The entries, nonetheless, shall be recorded within the UPI Lite transaction historical past. It will be certain that your financial institution assertion doesn’t have quite a few small-value transactions.