What is the new transaction limit?

Furthermore, the RBI has also revised the per transaction limit for UPI 123PAY. Previously, the limit was set at Rs 5,000 per transaction. With the recent update, this limit has been increased to Rs 10,000, offering users greater flexibility and ease when making digital payments.

These changes by the RBI are part of the ongoing efforts to promote digital adoption in India. By increasing the limits for both UPI lite wallets and UPI 123PAY transactions, the central bank aims to encourage more people to embrace digital payment methods and reduce their reliance on cash.

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The Reserve Bank of India (RBI) has recently taken steps to increase the convenience and accessibility of digital payments in India. One such measure is the enhancement of the Unified Payments Interface (UPI) lite wallet limit.

Prior to this announcement, the UPI lite wallet limit stood at Rs 2,000. However, the RBI has now doubled this limit to Rs 5,000, allowing users to store and transact larger amounts without any restrictions.