RBI Enhances Digital Payments with Increased UPI Lite Limits
| Category | Details |
|---|---|
| Why in News | RBI increases UPI Lite wallet and per-transaction limits to boost digital payments. |
| Announcement Date | October 9, 2024 (RBI Monetary Policy Committee meeting) |
| Wallet Limit Increase | ₹5,000 (previously ₹2,000) |
| Per-Transaction Limit | ₹1,000 (previously ₹500) |
| Replenishment Process | Online mode with Additional Factor Authentication (AFA) |
| UPI Lite Functionality | Enables small-value offline transactions without internet or telecom connectivity. |
| Transaction Alerts | Not sent in real-time. |
| UPI Lite Adoption | Expected to increase in areas with limited internet access. |
| UPI International Reach | Services active in Sri Lanka, Mauritius, UAE, Singapore, Bhutan, and Nepal. |
| International Discussions | Ongoing with 20 countries in Africa and South America |
| UPI Transaction Data (November 2024) | 15.48 billion transactions totaling ₹21.55 lakh crore (6.6% decrease in volume, 8.3% decrease in value compared to October 2024) |
| UPI Transaction Data (October 2024) | 16.58 billion transactions totaling ₹23.50 lakh crore |