RBI increases transaction limit for UPI Lite to Rs 500

PTI

Mumbai, August 24

The RBI today hiked the upper limit of an offline payment transaction to Rs 500 from the existing Rs 200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or not available. The total limit for offline transactions remains Rs 2,000 at any point in time.

Cap at Rs 2,000

• The total limit for offline transactions on a payment instrument remains Rs 2,000 at any point in time
• UPI Lite was launched in September 2022 to increase the speed of small-value transactions

“The upper limit of an offline payment transaction is increased to Rs 500,” the RBI said in a circular on ‘Enhancing transaction limits for Small Value Digital Payments in Offline Mode’.

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#Mumbai #Reserve Bank of India RBI