New UPI Transaction Limits Announced: Check Revised Limits for UPI Lite Wallet and UPI 123Pay

RBI Governor Shaktikanta Das announced on Wednesday that UPI transaction limits will be increased, bringing good news for UPI users. He said that UPI has transformed India's financial landscape by making digital payments more accessible and inclusive through continuous innovation and adaptation.

RBI Governor Shaktikanta Das, in his monetary policy statement, announced a series of enhancements to UPI transaction limits aimed at promoting wider adoption and inclusivity. He revealed that the per transaction limit for UPI 123Pay will be raised from Rs 5,000 to Rs 10,000. Additionally, the UPI Lite wallet limit will be increased from Rs 2,000 to Rs 5,000, with the per transaction limit rising from Rs 500 to Rs 1,000. These changes are expected to further drive the growth of digital payments across the country.

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“At present, UPI and Immediate Payment Service (IMPS) provide a facility for the remitter of funds to verify the name of the receiver (beneficiary) before executing a payment transaction. It is now proposed to introduce such a facility for the Real Time Gross Settlement System (RTGS) and the National Electronic Funds Transfer (NEFT) system, ” Shaktikanta Das further said.