Zania-EditorThe Reserve Bank of India (RBI) has announced an increase in limits for UPI transactions. The UPI Lite wallet limit will rise from ₹2,000 to ₹5,000. Additionally, the per-transaction limit for UPI123Pay will go up from ₹5,000 to ₹10,000.
RBI Governor Shaktikanta Das explained that these changes aim to encourage wider use of UPI and make digital payments more accessible. Specifically, the per-transaction limit for UPI Lite will increase from ₹500 to ₹1,000.
RBI also plans to introduce a Beneficiary Account Name Look-up Facility for the Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) system. This new feature will help users verify the account holder’s name before transferring funds, reducing the chances of mistakes and fraud.
In other news, the RBI has kept key interest rates unchanged for the 10th consecutive time. The repo rate remains at 6.5 percent, as announced by Governor Shaktikanta Das after the Monetary Policy Committee meeting.
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