RBI Introduces New UPI Limits and Enhancements to Digital Payments

The Reserve Bank of India (RBI) has set new limits for UPI (Unified Payment Interface), making digital payments even easier and more effective.

Increase in UPI Lite Wallet Limit RBI has increased the limit of UPI Lite Wallet from Rs 2,000 to Rs 5,000, allowing users to transact more money. Earlier the limit for one transaction was Rs 500, which has now been increased to Rs 1,000.

Increased limit of UPI 123 Pay The per transaction limit of UPI 123 Pay, which is for feature phone users, has been increased from Rs 5,000 to Rs 10,000. Along with this, this service will now be available in 12 languages, which will benefit more people.

Improvement in offline payment facility by changing the rules related to UPI Lite, it will be made more convenient for offline payments, making it easier to transact even without an internet connection.

Improvements in NEFT and RTGS RBI has also made some improvements in NEFT and RTGS. Now while sending money, you will also be able to see the name of the beneficiary, which will reduce the chances of sending money to the wrong person.

Focus on climate risk RBI has decided to create a 'Reserve Bank Climate Risk Information System' (RB-CRIS) focusing on the issue of climate change. This system will be helpful in maintaining financial stability and will help in handling issues related to climate risk effectively.