New Delhi: There is good news for those using UPI for transactions. In order to further promote the increasing popularity of UPI, RBI has proposed to increase the UPI Lite wallet limit 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 acceptance, UPI has transformed the financial landscape of the country by making digital payments easy and inclusive. To make it more inclusive, it has been proposed to increase the per transaction limit in UPI 123 Pay from Rs 5,000 to Rs 10,000. It has also been decided to increase the UPI wallet limit from Rs 2,000 to Rs 5,000 and the per transaction limit to Rs 1,000. Currently the UPI Lite wallet limit is Rs 2,000 per transaction and Rs 500 per transaction.
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Verification facility
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, UPI 123 Pay facility will now be available in 12 languages. Along with this, NEFT and RTGS will also have the facility of verification of the account holder’s name before finalizing the fund transfer, like UPI and IMPS.
Currently, under UPI and IMPS, the sender gets the facility to verify the name of the recipient before sending money. Das said that now sending the amount under RTGS and NEFT will facilitate verification of the name of the beneficiary. 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.