RBI: Common people will be able to autofill the balance in their UPI Lite. Till now people have to transfer the money every time. After the new change, when the money in UPI Lite goes below a limit, it will automatically be transferred from the bank account to UPI Lite
RBI: Common people will be able to autofill the balance in their UPI Lite. Till now people have to transfer money every time. After the new change, the money in UPI Lite will be automatically transferred from the bank account to UPI Lite after falling below a limit. The Reserve Bank of India (RBI) has announced the integration of Unified Payments Interface (UPI) Lite with the framework of the e-mandate framework today, Friday 7 June 2024. This announcement was made by RBI Governor Shaktikanta Das, who emphasized the potential of this integration to streamline the process of making digital payments.
RBI said – these changes will happen
The UPI Lite service currently helps users to load up to ₹ 2,000 in their wallet and make payments up to ₹ 500 but now this is going to change. Under the proposed integration, users will now benefit from an auto-replenishment feature for their UPI Lite wallet. This means that if the wallet balance goes below the user’s set limit, the money will be automatically transferred from their bank account. This will eliminate the need for additional verification or pre-debit notification.
Payment will become easier with UPI Lite
Explaining the rationale behind this move, RBI has focused on the need to make UPI Lite transactions better than before. By bringing UPI Lite under the ambit of the e-mandate framework, RBI’s target is to improve small value transaction services along with hassle-free digital payments for customers.
