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    Question

    The Reserve Bank of India (RBI) has raised the upper

    limit of an offline payment transaction to ________ from the existing Rs 200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or unavailable.
    A Rs.500 Correct Answer Incorrect Answer
    B Rs.550 Correct Answer Incorrect Answer
    C Rs.600 Correct Answer Incorrect Answer
    D Rs.620 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India (RBI) has raised the upper limit of an offline payment transaction to Rs 500 from the existing Rs 200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or unavailable.  The total limit for offline transactions on a payment instrument, however, remains Rs 2,000.   It also said that offline payments should only be made face-to-face. Moreover, these transactions may be offered without Additional Factor of Authentication (AFA).

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