UPI Lite new rules 2024: RBI increases UPI Lite wallet, transaction limits – here’s what UPI users should know – Times of India

UPI Lite: The amendment to the framework for UPI Lite was announced by the RBI on December 4, 2024.

New UPI rules 2024: The Reserve Bank of India (RBI) has enhanced the transaction threshold for offline digital payments made via UPI Lite. This increase in UPI Lite transaction limit is particularly advantageous for individuals residing in areas with unreliable internet access. A notable feature of UPI Lite transactions is that they can be completed without entering a UPI PIN.

New UPI Lite Limits 2024

The RBI has revised two key limits:

An announcement in this regard had been made by RBI governor Shaktikanta Das in the monetary policy review in October.
“UPI has transformed India’s financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation. To further encourage wider adoption of UPI and make it more inclusive, it has been decided to (i) enhance the per-transaction limit in UPI123Pay from Rs 5,000 to Rs 10,000; and (ii) increase the UPI Lite wallet limit from Rs 2,000 to Rs 5,000 and per-transaction limit from Rs 500 to Rs 1,000,” Das had said.
The amendment to the framework for UPI Lite was announced by the RBI on December 4, 2024.
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What is UPI Lite?

UPI aims to streamline small-value digital payments for offline transactions. UPI Lite enables users to complete low-value purchases without requiring internet connectivity, thereby enhancing transaction efficiency.
UPI Lite has been specifically created to facilitate quick, small-value offline transactions, which constitute the majority of retail payments throughout India.
Users can utilise the rechargeable balance for small purchases at Kirana stores, pharmacies, restaurants, shops, fuel retail outlets and various other establishments.
An additional benefit is that these UPI LITE transactions remain separate from the bank passbook, ensuring cleaner record-keeping.

Benefits of UPI Lite

UPI Lite offers 24/7 accessibility to users, efficient handling of low-value transactions, and straightforward transaction monitoring. Users can perform single-click transactions through UPI Lite, set daily spending limits, and avoid entering UPI Pin publicly for small payments.