In an effort to boost UPI adoption even more, the Reserve Bank of India (RBI) has chosen to raise the transaction limits for UPI123Pay and UPI Lite.
The Monetary Policy Committee (MPC) meeting of the RBI resulted in an announcement from the central bank that the existing INR 5,000 per transaction limit for UPI123 Pay would be raised to INR 10,000.
In addition, the current INR 500 transaction cap for UPI Lite will be raised to INR 1,000. The central bank has also decided to raise the UPI Lite wallet capacity from INR 2,000 to INR 5,000 in an effort to further encourage its use.
According to the RBI, the National Payments Corporation of India (NPCI) would soon release the guidelines required to make these adjustments possible.
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