UPI rules will change from today, users must know this thing
UPI Rules Change / UPI rules will change from today, users must know this thing
UPI Rules Change - UPI rules will change from today, users must know this thing
UPI Rules Change: From November 1, 2024, two major changes are being made for UPI Lite users, which will bring more convenience and simplicity in digital payments. The Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have announced to increase the transaction limit of UPI Lite and enable the auto-top-up feature. After these changes, UPI Lite users will be able to make more payments without interruption. Let us know about these new changes in detail.1. Increase in transaction limitNow UPI Lite users will be able to transact more money than before. The Reserve Bank of India has increased the per transaction limit of UPI Lite to Rs 1,000. Earlier this limit was Rs 500. Apart from this, the maximum limit of UPI Lite wallet has also been increased from Rs 2,000 to Rs 5,000. This will give users more convenience in making small transactions, especially for everyday expenses.2. Benefits of Auto Top-up FeatureA new feature of auto-top-up is being added to UPI Lite from 1 November 2024. Now if the balance of UPI Lite wallet goes below a certain limit, it will be automatically recharged from your linked bank account. This will eliminate the need for users to manually top-up again and again. NPCI announced this facility in a notification dated 27 August 2024. To activate this auto-top-up facility, users will have to change their UPI Lite settings by 31 October 2024.Other features of UPI LiteUPI Lite works like a digital wallet, where users do not need to use UPI PIN for small transactions. Through this, users can make small transactions up to Rs 500, which are possible even without internet. Also, a maximum of five top-ups are allowed in a UPI Lite account in a day. Under the new rules, the daily spending limit of UPI Lite has been fixed at Rs 4,000.How to set auto-top-up featureUPI Lite users will now get the option to set a minimum balance for their wallet. As soon as the balance goes below this limit, the UPI Lite wallet will be automatically recharged with the fixed amount from the linked bank account. To activate this feature, users have to go to their UPI Lite settings and set a minimum balance and recharge amount. This recharge amount will be decided by the users, which can be a maximum of Rs 2,000.Benefits of UPI LiteUPI Lite is a convenient option for users to make small transactions, especially to promote cashless payments. Through this facility, easy payments can be made for restaurants, grocery stores, public transport and other small expenses. After this update, all transactions related to UPI Lite will become more easy and convenient.ConclusionThese changes made in UPI Lite will make digital payments more accessible. This initiative of RBI and NPCI is making UPI an ideal option for small transactions, allowing people to make payments without any hassle. To take advantage of these features, UPI Lite users are advised to enable the auto-top-up feature. These features are going to be implemented from November 1, 2024, which will give UPI Lite users more freedom and ease in payments.