You can make payment up to 5 thousand rupees through UPI Lite, RBI increased the limit

Reserve Bank of India: Nowadays everyone is using UPI (Unified Payments Interface) or UPI Lite to make even the smallest payments. In view of this increasing use, RBI Governor Shaktikanta Das has decided to increase the limit of payment from UPI Lite. In a recent meeting, the limit of UPI Lite wallet has been increased from Rs 2,000 to Rs 5,000. Similarly, the transaction limit from UPI 123Pay has been increased from Rs 5,000 to Rs 10,000. It is clear from this that now you can make payments up to Rs 5,000 from UPI Lite wallet, which will make digital transactions even more convenient.

UPI 123Pay Feature: A New Option for Phone Users

UPI 123Pay is a special feature designed for feature phone users. It is an instant payment system, which provides the facility to use UPI payment in a safe and reliable manner. Through UPI 123Pay, phone users can make different types of transactions using four technical options. These include calling an IVR number, app functionality in feature phones, missed call-based payment, and proximity sound-based payment.

Increase in tax payment limit

The Reserve Bank has also announced to increase the limit of paying tax through UPI. Now, the limit of paying tax through UPI has been increased from Rs 1 lakh to Rs 5 lakh per transaction. This will make it possible for people to easily pay large amounts of tax through digital means, which was a challenge earlier.

Future of UPI: Rapidly increasing usage

According to a report by PwC India, the total transactions on UPI will reach 439 billion by 2028-29, which is currently 131 billion. This means that digital payments are likely to increase by 91 percent. This development is an indication that the future of digital payments is very bright, and people are rapidly moving in this direction.

New Guidelines for NBFCs

RBI has also issued new guidelines for banks and NBFCs (non-banking financial companies) related to non-business floating rate loans. According to this, banks and NBFCs cannot charge foreclosure charges and prepayment penalties on non-business floating rate loans. At this time, RBI said that the financial position of banks and NBFCs is strong, but concerns have also been expressed about the growth of some NBFCs.

Conclusion

The increase in the use of UPI and UPI Lite and the new announcements made by RBI are adding a new dimension to the world of digital payments. This is not only making the transaction process easier, but large financial transactions can also be paid easily. Thus, the future of digital payments looks even brighter, which will affect every aspect of our lives in the coming years.