The Reserve Bank of India (RBI) has increased the transaction limit on UPI Lite from ₹500 to ₹1000. With this, RBI has increased the limit of UPI Light Wallet from ₹ 2000 to ₹ 5000.
At the same time, for feature phone users, RBI has increased the limit of UPI 123 from ₹ 5000 to ₹ 10,000. RBI Governor Shaktikanta Das made this announcement while giving information about the decisions taken in the Monetary Policy Committee (MPC) meeting.
Lookup facility will be available in RTGS and NEFT
Governor Shaktikanta Das said that currently lookup facility is available in United Payment Interface (UPI) and Immediate Payment Service (IMPS).
While making payment through the lookup facility, the name and details of the receiver are visible. This eliminates the possibility of payment being made to the wrong person. Now it is proposed to bring this feature in Real Time Gross Settlement System (RTGS) and National Electronic Fund Transfer (NEFT) system also.
Graphics Source: VaskarAssets
