RBI increases transaction limit for small value offline transactions.
In a welcome move to penetrate more towards cashless economy, the RBI has raised the per transaction limit for small value offline payments through UPI Lite, from ₹200 to ₹500.
So basically UPI Lite is an 'on-device wallet' feature which enables small value payments without the requirement of internet and without having to use the UPI PIN. First you add money to this wallet from your bank account. Then you can pay from this wallet through UPI Lite using these preloaded funds.
The overall limit of all transactions of UPI Lite per device is ₹2,000, which has not changed. However, the maximum payment you could do in one transaction was ₹200, which has now been raised to ₹500.
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