The month of November has started from today. Many financial rules have changed at the beginning of this month. Apart from this, the rules related to UPI have also changed. Yes, from today the auto-top-up feature will be enabled on UPI Lite. Apart from this, the transaction limit on UPI Lite will also increase. Let us know in detail in this article.
UPI transaction limit: The month of November has started from today. From the beginning of this month, making online payments has become very easy. Actually, in the RBI MPC meeting held in October 2024, some decisions were taken regarding the rules of UPI Lite. Two new rules related to UPI Lite came into effect from November.
Transaction limit increased
The Reserve Bank of India has increased the UPI Lite transaction limit. Earlier UPI Lite users could only transact up to Rs 500. Apart from this, you can keep a balance of only Rs 2,000 in the wallet. According to the RBI rule, the daily expense limit in UPI limit is Rs 4,000.
Now RBI has increased the transaction limit in UPI Lite by Rs 500. This means that a transaction of Rs 1,000 can be done once. Apart from this, the UPI Lite wallet balance has been increased from Rs 2,000 to Rs 5,000.
New feature in UPI Lite
Now the hassle of adding balance in UPI Lite is over. Yes, it is expected that this rule has started from today i.e. from November 1, the auto-top-up feature has started in UPI Lite. If the balance in the UPI Lite wallet runs out, then it has to be added again manually.
The National Payments Corporation of India (NPCI) aims to make the payment system easier through the new auto-top-up feature. NPCI had given information about this feature of UPI Lite by issuing a notification on 27 August 2024.
How will this feature work
If the balance of UPI Lite goes below a limit, then the balance will be automatically added through this feature. The user will decide the recharge amount and balance limit himself. In this feature, there will be top-up only five times in a day.
According to the notification of NPCI, to take advantage of this feature of UPI Lite, the user will have to enable this feature on the UPI Lite app by October 31, 2024.
What is UPI Lite?
All UPI based payment apps like Google Pay, PhonePe, Paytm etc. provide UPI Lite facility. UPI Lite is a type of digital wallet. Transactions are allowed through this wallet without PIN or password. However, only small transactions can be done through it.
