Reserve Bank of India i.e. RBI has increased the limit of offline transactions through UPI Lite from today. Issuing a circular, the RBI said that for areas of the country where there is no internet or the signal is very weak, the limit for offline transactions through UPI Lite has been increased from Rs 200 to Rs 500. By the way, even now only a transaction of Rs 200 can be done through UPI Lite on any platform.
circular issued today
RBI has issued a circular to increase the limit of small amount digital transactions through offline. In this circular, RBI said that the limit of offline payment transaction has been increased to Rs 500. The offline payment facility was also started in September 2022 for those who have mobile phones away from internet facility. For this, a new integrated payment platform UPI-Lite was launched. At that time the limit for making payment from it was only Rs.200. Earlier, the RBI governor had announced to increase the limit in the monetary policy meeting on August 10.
more than one crore transactions
Within a short span of time, this payment platform became quite popular among the basic mobile phone owners. At present, more than one crore transactions are taking place through this platform. In order to increase the use of UPI-Lite, in the first week of August, RBI had proposed the facility of offline transactions with the help of NFC technology. PIN is not required for transacting with NFC.
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