Mumbai: The Reserve Bank of India’s (RBI) Governor Shaktikanta Das announced the decision to raise the transaction limits of UPI 123 and UPI Lite.
Now, UPI 123Pay transaction limit has been raised from Rs 5,000 to Rs 10,000. At the same time, the limit of UPI Lite that enables PIN-less offline transaction has been raised from Rs 5,000 to Rs 10,000. The limit of transaction, meanwhile, has been raised to Rs 1,000 (from Rs 500 earlier).
Digital payments:
I. UPI 123Pay
New transaction limit is Rs 10,000 (from Rs 5,000)
Limit: Rs 10,000
II. UPI Lite
New wallet limit is Rs 10,000 (from Rs 5,000)
New transaction limit is Rs 1000 (from Rs 500)
Limit: Rs10,000
Peer-to-peer (P2P) credit limits
NPCI on Sept 4 released a circular wherein it set the limits of users to receive funds in their bank account via peer-to-peer (P2P) credit in 24 hours.
These are the UPI limits relating to P2P payments which the banks are supposed to implement with effect from Sept 30, 2024.
I. P2P credit: Upto 25 successful transactions OR cumulative Rs 4 lakh in a period of 24 hours and transactions < Rs 2,000 are excluded.
II. P2P credit will be capped at 50 successful transactions in a period of 24 hours.
Limit: 50 transactions in 24 hours
Also Read: September witness 10% drop in equity mutual fund inflows
Auto-top up
It is noteworthy to mention here that the users can opt for auto top-up of UPI LITE account subject to the wallet limit (which is Rs 10,000 now). This new facility will offer convenience to the users who will now be able to automate the process of reloading of funds.
They will have the option to revoke the auto top-up mandate at any point of time by the payment service provider/App. The number of auto replenishment transactions, meanwhile, are limited to 5 in a day per LITE account, stipulates the NPCI circular dated August 27, 2024.
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