RBI Governor Das highlights UPI advancements: AI integration, enhanced transaction limit and UPI Lite
1 year, 4 months ago

RBI Governor Das highlights UPI advancements: AI integration, enhanced transaction limit and UPI Lite

India TV News  

RBI Governor Shaktikanta Das has announced several enhancements to the Unified Payments Interface aimed at improving ease of payments. These include the introduction of conversational AI for payments, the ability to conduct transactions using UPI in non-Internet environments through UPI Lite, and an increase in the transaction limit for small-ticket expenses from Rs 200 to Rs 500. Unlike the regular UPI, UPI Lite has a transaction cap of up to Rs 200 and allows users to store up to Rs 2,000 as a balance. The transaction limit for UPI Lite, which was previously set at Rs 200, has been expanded to Rs 500. This increase in the transaction limit is expected to facilitate larger-value transactions through UPI Lite.

Payments Rbi Das Mpc Transaction Upi Lite Upi Lite Conversational Payments  users  upi  integration  governor  lite  enhanced  rbi  rs  transaction  highlights  transactions  limit  mpc  payments  das

History of this topic

From new limits to new features: All changes made in UPI in 2024
5 days, 12 hours ago

From new limits to new features: All changes made in UPI in 2024

India TV News  

The number of people making online payments through UPI is growing rapidly, doubling during the day and quadrupling at night. According to NPCI data released in November, there were approximately 15.48 million UPI transactions, amounting to an impressive Rs 21.55 lakh crore. Previously capped at Rs 5,000, the new daily limit is now Rs 10,000, allowing these users to conduct …

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024
1 week, 1 day ago

UPI achieves record 15,000 crore transactions worth ₹223 Lakh Crore by Nov 2024

Hindustan Times  

The Finance Ministry said on Saturday that from January to November of this year, 15,547 crore transactions of ₹223 lakh crore were handled through the Unified Payments Interface. From January to November of this year, 15,547 crore transactions of ₹ 223 lakh crore were made over the Unified Payments Interface, "demonstrating its transformative impact on financial transactions" in India.) The …

RBI increases UPI Lite transaction limit: How will you benefit?
2 weeks, 4 days ago

RBI increases UPI Lite transaction limit: How will you benefit?

India Today  

The Reserve Bank of India has raised the transaction limit for UPI Lite to Rs 1,000 per transaction and the wallet limit to Rs 5,000, compared to the earlier limits of Rs 500 and Rs 2,000, respectively. The UPI Lite framework, first introduced in January 2022 and updated in August 2023, was created to simplify small-value digital payments. Convenience for …

Reserve Bank of India raises UPI Lite wallet limit from ₹2,000 to ₹5,000
Trending News
2 weeks, 5 days ago

Reserve Bank of India raises UPI Lite wallet limit from ₹2,000 to ₹5,000

Op India  

The Reserve Bank of India on Wednesday revised the wallet limit for the UPI Lite from Rs 2,000 to Rs 5,000. As per the new rules introduced today, the upper transaction limit for UPI Lite under offline framework has been increased from Rs 500 to Rs 1,000 per transaction. “The offline framework has been updated and the enhanced limits for …

RBI revises wallet limit for UPI Lite from Rs 2,000 to Rs 5,000: Check new guidelines
2 weeks, 6 days ago

RBI revises wallet limit for UPI Lite from Rs 2,000 to Rs 5,000: Check new guidelines

India TV News  

In a significant development, the Reserve Bank of India on Wednesday revised the wallet limit for the UPI Lite from Rs 2,000 to Rs 5,000. According to the new rules introduced, the upper transaction limit for UPI Lite under offline framework has been increased from Rs 500 to Rs 1,000 per transaction. Check new guidelines As per the new regulations, …

RBI enhances UPI tax payment limit to ₹5 lakh per transaction
4 months, 2 weeks ago

RBI enhances UPI tax payment limit to ₹5 lakh per transaction

The Hindu  

The Reserve Bank of India has decided to enhance the limit for tax payments via UPI from ₹1 lakh to ₹5 lakh per transaction, Governor Shaktikanta Das announced on Thursday. “As direct and indirect tax payments are common, regular and high value, it has been decided to enhance the limit for tax payments through UPI from ₹1 lakh to ₹5 …

UPI increases convenience but leading to another problem: Here's what experts have to say
7 months, 1 week ago

UPI increases convenience but leading to another problem: Here's what experts have to say

India TV News  

As more and more people in India embrace digital and cashless payments, they are using the Unified Payments Interface to purchase not only daily essentials but also expensive home appliances, high-end gadgets, and designer clothing. However, experts warn that the seamless and quick digital transaction process via UPI may lead people to overspend on items they may not need. According …

5 new ways to use UPI payments as 2024 begins with these rule changes
11 months, 3 weeks ago

5 new ways to use UPI payments as 2024 begins with these rule changes

Hindustan Times  

As we enter the new year, it's essential to take note of the UPI rules that have been changed. National Payments Corporation of India have instructed payment apps to deactivate inactive UPI IDs after one year. Users of platforms like Google Pay and PhonePe must verify and ensure their UPI IDs remain active, also reviewing associated phone numbers for inactivity. …

RBI raises UPI transaction limits, e-mandate bar; check all announcements
1 year ago

RBI raises UPI transaction limits, e-mandate bar; check all announcements

Hindustan Times  

Reserve Bank of India Governor Shaktikanata Das on Friday announced several decisions on the Unified Payments Interface, including raising the Unified Payments Interface payment limit to hospitals and educational institutions to ₹5 lakh from ₹1 lakh. The UPI, India's mobile-based fast payment system, enables users to make instantaneous, round-the-clock payments via Virtual Payment Address UPI limits increased: While unveiling the …

UPI Payment Limit to Hospitals Educational Institutes Raised to Rs 5 Lakh RBI
1 year ago

UPI Payment Limit to Hospitals Educational Institutes Raised to Rs 5 Lakh RBI

Deccan Chronicle  

Mumbai: To encourage the use of UPI for medical and educational services, the Reserve Bank on Friday proposed to enhance the limit for payments to hospitals and educational institutions from Rs one lakh to Rs 5 lakh per transaction. Due to the ease of payments offered by it, UPI is emerging as a preferred mode of payment for not only …

RBI hikes UPI transaction limit for hospitals and educational institutions
1 year ago

RBI hikes UPI transaction limit for hospitals and educational institutions

The Hindu  

The Reserve Bank of India raised the Unified Payments Interface payment limits for hospitals and educational institutions from ₹1 lakh to ₹5 lakh per transaction. “The enhanced limit will help consumers make UPI payments of higher amounts for education and healthcare purposes,” he said. It is now proposed to enhance this limit to ₹1 lakh per transaction for recurring payments …

UPI crosses 10 bn transactions second time in September
1 year, 2 months ago

UPI crosses 10 bn transactions second time in September

Deccan Chronicle  

Chennai: With Unified Payments Interface crossing 10 billion transactions for the second straight month, this seems to have become the new normal for the payment interface. UPI recorded 10.56 billion transactions worth Rs 15.8 lakh crore in September, according to the National Payments Corporation of India. While the transaction volume marginally increased from Rs 15.76 lakh crore in August to …

Data | UPI payments: relief for users, a headache for banks
1 year, 6 months ago

Data | UPI payments: relief for users, a headache for banks

The Hindu  

The dizzying array of daily limits on United Payments Interface transactions set by apps and banks — both in terms of value and volume — has put the spotlight on the rapid rise in such transactions in India in recent years. Such limits were introduced given the surge in the volume of UPI transactions in India in recent years after …

What's Changing With UPI Merchant Transactions from April 1? EXPLAINED
1 year, 8 months ago

What's Changing With UPI Merchant Transactions from April 1? EXPLAINED

News 18  

National Payments Corporation of India on Wednesday said there is no charge for the bank account to bank account-based UPI payments or normal UPI payments. NPCI has permitted the PPI wallets to be part of interoperable UPI ecosystem and levied 1.1 per cent charge on unified payment interface transactions above Rs 2,000 while using PPI. “The interchange charges introduced are …

RBI Monetary Policy: Governor Das Explains Difference Between Digital Rupee And UPI
2 years ago

RBI Monetary Policy: Governor Das Explains Difference Between Digital Rupee And UPI

ABP News  

The Reserve Bank of India on Wednesday clarified the key differences between the Central Bank Digital Currency and Unified Payments Interface. Speaking with the media after the monetary policy announcement, Das said, "Any UPI transaction involves the intermediation of the bank. Further elaborating on CBDC, RBI Deputy governor T Rabi Sankar said that similar to cash, CBDC can enable the …

UPI payments now made easier with UPI lite; Here’s how to use
2 years, 2 months ago

UPI payments now made easier with UPI lite; Here’s how to use

Live Mint  

On September 20, 2022, Reserve Bank of India Governor Shaktikanta Das introduced UPI Lite, a faster and easier way to conduct low-value UPI payments. You must be aware of UPI payments since they have become an important part of our lives; however, with the advent of UPI lite, things may get a bit easier. The UPI App will immediately advise …

Rise in Spending Through Credit Cards, Debit Cards, UPI Indicates Pick-Up In Consumption: FinMin
2 years, 6 months ago

Rise in Spending Through Credit Cards, Debit Cards, UPI Indicates Pick-Up In Consumption: FinMin

News 18  

Spending through credit cards and debit cards in April jumps 77.8 per cent and 12.5 per cent to Rs 1.05 lakh crore and 3.49 lakh crore, respectively. “Value of UPI transactions processed through the National Payment Corporation of India stood at Rs 10.4 lakh crore during May 2022, the highest since UPI was launched in 2016, registering month-on-month growth of …

RBI allows credit cards to be linked with UPI platform
2 years, 6 months ago

RBI allows credit cards to be linked with UPI platform

India TV News  

Highlights RBI today allowed credit cards to be linked with the unified payments interface It will enable more people to make payments using the popular platform At present, UPI facilitates transactions by linking savings or current accounts through debit cards RBI news updates : The Reserve Bank of India on Wednesday allowed credit cards to be linked with the unified …

NPCI Announces UPI Lite That Aims To Make Transactions In Offline Mode: Details
2 years, 9 months ago

NPCI Announces UPI Lite That Aims To Make Transactions In Offline Mode: Details

ABP News  

New Delhi: In a bid to boost the digital payments system in the country, the National Payments Corporation of India has announced UPI Lite, after the immense popularity that UPI has garnered. Now, the NPCI has announced UPI Lite what it calls "UPI lite – On-Device wallet" that will small value transactions in an offline mode. UPI Lite would essentially …

Explained: UPI Lite Wallet-Based Offline Payments System Coming Soon From NPCI
2 years, 9 months ago

Explained: UPI Lite Wallet-Based Offline Payments System Coming Soon From NPCI

News 18  

The National Payments Commission of India has launched UPI Lite, an on-device wallet option for Unified Payment Interface to enable small-value transactions in an offline mode. In the initial stages of the test, UPI Lite will be partially offline and there will be a limit on transactions and balance of the on-device balance. WHAT IS UPI LITE As mentioned above, …

RBI launches UPI for feature-phone users
2 years, 9 months ago

RBI launches UPI for feature-phone users

Deccan Chronicle  

Mumbai: In a move that would boost digital payments among people from the lower rung of the society, the Reserve Bank of India governor Shaktikanta Das on Tuesday rolled out UPI123Pay, an option that would help over 40 crore feature phone users in the country to make Unified Payments Interface payments. Besides, the governor also launched Digi-Saathi—a 24x7 Helpline to …

Discover Related