RBI increases UPI Lite Wallet limit up to Rs 5000
New Delhi| The Reserve Bank of India (RBI) gave good news to those making payments through mobile phones. The central bank has increased the UPI Lite Wallet limit to Rs 5000 and the limit per transaction to Rs 1000. The objective of this step is to further promote the system of instant payment through mobile phones.
Money transactions through UPI Lite are offline. That is, these transactions do not require additional security proof (AFA) and transaction information is not sent in real time. Till now the maximum limit for offline transactions was Rs 500 and the limit for total offline transactions on a payment instrument was Rs 2000. RBI had amended the offline framework released in January 2022, to facilitate digit payments of small amounts in offline mode.
The increased limit for UPI Lite will be one thousand rupees per transaction and the total limit will be Rs 5000, an RBI notification said. The announcement in this regard was made in October 2023. Internet is not required for offline payment transactions.
