New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

    Register

    Question

    The UPI Lite, used for low value transactions, has

    recently the per-transaction limit being enhanced by RBI. What is the new limit for UPI Lite per transaction?
    A Rs.500 Correct Answer Incorrect Answer
    B Rs.1, 000 Correct Answer Incorrect Answer
    C Rs.1,500 Correct Answer Incorrect Answer
    D Rs.2,000 Correct Answer Incorrect Answer
    E Rs.5,000 Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India, in order to encourage wider adoption of UPI, in Oct 2024, decided to enhance the limits for the following products of UPI: ·         UPI Lite: To widen the scope of usage of this product, the UPI Lite per-transaction limit increased to ₹1,000 (from ₹500 per transaction) with the facility of auto-replenishment and the wallet limit was increased to ₹5,000 (previously ₹2000 per UPI Lite wallet). ·         UPI123Pay: Currently, the per-transaction limit in UPI123Pay is capped at ₹5000. In order to widen the use-cases, the per-transaction limit is enhanced to ₹10,000. UPI123 was launched in March 2022, with a view to enable feature-phone users to use UPI. This facility is now available in 12 languages.

    Practice Next

    Relevant for Exams: