RBI Loosens UPI Lite Wallet Strings

Mumbai: The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs5,000 and per-transaction limit to Rs1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones.

A limit of Rs500 per transaction and an overall limit of Rs2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment. Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs10,000 from the current Rs5,000.

UPI123 was launched in March 2022, with a view to enable feature-phone users to use UPI.