RBI Expands UPI Transaction Limits and Features
MAS Team | 11 October 2024
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The Reserve Bank of India has announced significant changes to UPI transaction limits and features, enhancing digital payment accessibility. Governor Shaktikanta Das revealed several key updates to both UPI 123Pay and UPI Lite services.
Under the new guidelines, UPI 123Pay's transaction limit has doubled from Rs5,000 to Rs10,000. Similarly, UPI Lite, which allows PIN-less offline transactions, has seen its wallet limit increase to Rs10,000 from Rs5,000, with individual transaction limits rising to Rs1,000 from Rs500.
For peer-to-peer (P2P) transactions, NPCI has implemented new daily limits effective September 30, 2024. Users can conduct up to 25 successful transactions or transfer up to Rs4 lakh within 24 hours, excluding transactions below Rs2,000. The overall daily transaction cap stands at 50 successful transfers.
A new auto top-up feature has been introduced for UPI Lite accounts, allowing automated wallet reloading up to the Rs10,000 limit. Users can make up to 5 auto-replenishment transactions per day and have the flexibility to revoke this feature at any time through their payment service provider.
Additionally, users can now make interoperable cardless cash deposits (ICD) using UPI at bank cash deposit machines and white label ATM operators, with a transaction limit of Rs50,000. This new functionality expands UPI's utility beyond traditional digital payments.
These updates reflect the continuing evolution of India's digital payment landscape, making it more convenient and accessible for users while maintaining appropriate security measures.
Dear Investor,
In case of any grievance / complaint :
In case of any grievance / complaint :
- Please contact Compliance Officer Shraddha Mhatre at [email protected] and Phone No. - 91-22-35131664.
- You may also approach CEO Debashis Basu at email- id [email protected] and Phone No. - 91-22-35131664.
