The trend of digital payment is continuously increasing in the country. Meanwhile, the Reserve Bank of India has taken a big decision regarding digital payment. RBI is now going to promote UPI Lite. Under this, the Reserve Bank of India is focusing on increasing the scope of auto payment.
In this connection, RBI on Friday approved bringing UPI Lite under e-mandate.
UPI Lite was first launched by RBI in September 2022. With the help of this UPI Lite, it is easy to make small payments. The daily limit of UPI Lite is also very low, which has been fixed by RBI. The daily limit of UPI Lite is Rs 2000. A user can make a maximum payment of up to Rs 500 at a time.
These changes will happen
RBI will increase the experiment to bring UPI Lite. This will promote UPI Lite more. People will also be able to use UPI Lite more. With the advent of e-mandate system, the limit in the UPI wallet will be filled automatically when the balance is low. This will be good for those transactions in which less payment has to be made.
Know about UPI Lite
UPI Lite is similar to UPI, in which transactions of less than Rs 500 can be done easily. UPI Lite uses NPCI Common Library Application for this payment. Small transactions can be done with the help of UPI Lite. Its specialty is that there is not much risk in it.
RBI monitoring committee meeting ends
The Reserve Bank of India has not made any change in the repo rate after the meeting of the Monitoring Policy Committee. This time too, the RBI has decided to keep the repo rate unchanged at 6.5 percent. This decision has been taken in the backdrop of economic uncertainties at the domestic and global level.
