RBI Announces Key Changes to 'UPI Lite' Wallet Limits

The Reserve Bank of India (RBI) has announced significant changes to the 'UPI Lite' wallet limits. The wallet limit has been increased from ₹2,000 to ₹5,000, while the maximum transaction limit has been raised from ₹500 to ₹1,000. Revised guidelines reflecting these changes were issued on Wednesday.

The RBI also updated the offline payment system, allowing a maximum of ₹1,000 per transaction and up to ₹5,000 in transactions per day. These revised 'UPI Lite' limits are effective immediately.

RBI expressed optimism that the new changes will encourage consumers who rely on this payment mode for daily purchases. It stated that these updates aim to streamline digital payments while enhancing consumer safety and convenience.

Under the 'UPI Lite' mode, small-value transactions can be carried out without using a UPI PIN, ensuring faster payments. Additionally, the financial risk is minimized even in the event of cyber fraud due to the limited transaction value.