In a positive development for users, the Reserve Bank of India (RBI) on Wednesday had increased UPI Lite wallet limit to Rs 5,000 from the existing Rs 2,000 and the per transaction limit to Rs 1,000.
In addition, the RBI also decided to increase the per transaction limit in UPI 123Pay from Rs 5,000 to Rs 10,000.� "UPI 123Pay" is a functionality that lets users make payments over a phone call.
Announcing the enhancements, RBI Governor Shaktikanta Das said "UPI has transformed India's financial landscape by making digital payments accessible and inclusive through continuous innovation and adaptation."
The announcement was made by the RBI Governor during the Monetary Policy Committee meeting where the central bank also decided to keep the policy repo rate unchanged at 6.5 per cent for the 10th consecutive time.
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