After the introduction of UPI, there has been record growth in the field of digital transactions in the country. Today, crores of people across the country are using UPI to do digital transactions. Since its arrival, there has been a huge impact on the digital payment landscape of India. UPI is a real-time payment system, created by NPCI. Keeping in view the increasing usage of UPI, NPCI also launched UPI Lite sometime back. Today, many people across the country are using UPI Lite just like UPI. At the same time, RBI has now increased the UPI Lite limit from Rs 200 to Rs 500. Soon after this announcement by the Reserve Bank of India, banks and payment aggregators can start this new facility.
For your information, let us tell you that UPI Lite was launched in September 2022 to increase the speed of small-value transactions.
Reserve Bank of India Governor Shaktikanta Das said that it has been directed to increase the limit of Rs 200 to Rs 500 for digital transactions of missed value through offline platforms with National Common Mobility Card and UPI Lite.
RBI has said that instructions will be issued soon to the National Payments Corporation of India ie NPCI regarding all these announcements. Apart from this, RBI has said one more big thing.
RBI has said that it may soon launch a new platform. It will be easy for people to get loans through this platform. With the introduction of this platform, the process of applying for a loan will be completed much faster.
(PC: itock)
