RBI enhances UPI Lite wallet limit to Rs 5,000
Mumbai (PTI): The Reserve Bank on Wednesday announced the increase of the UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000, in order to encourage wider adoption of the popular instant payment system through mobile phones.
A limit of Rs 500 per transaction and an overall limit of Rs 2,000 per UPI Lite wallet, is presently applicable, with the facility of auto-replenishment.
Unveiling the October bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das also said the per-transaction limit in UPI123Pay will be enhanced to Rs 10,000 from the current Rs 5,000.
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.
In another customer-friendly initiative, Das announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems will be introduced.
Payment Systems like UPI and IMPS provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction.
There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said.
"Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a ‘beneficiary account name look-up facility’," he said.
Remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed.
This facility will increase customer confidence as it would reduce the possibility of wrong credits and frauds, Das said.
The Central bank will also create 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system.
Das said it is crucial for regulated entities to undertake climate risk assessments for ensuring stability of their balance sheets and that of the financial system.
Such an assessment requires, among other things, high quality data relating to local climate scenarios, climate forecasts, and emissions, he said.
The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units.
To bridge these gaps, Das said the Reserve Bank proposes to create a data repository -- RB-CRIS -- comprising two parts.
The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible in the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats).
The access to this data portal will be made available only to the regulated entities in a phased manner.
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AAP to contest Delhi Assembly elections alone: AAP national spokesperson Priyanka Kakkar
New Delhi: Aam Aadmi Party (AAP) national spokesperson Priyanka Kakkar announced on Wednesday that the party will contest the upcoming Delhi Assembly elections independently. In an interaction with ANI, Kakkar stated, "We will contest the Delhi Assembly elections alone. On one side, it's the overconfident Congress, and on the other, the arrogant Bharatiya Janata Party. We will remain humble and let the work we’ve done over the past decade speak for itself."
The Delhi Assembly elections are expected to be held in early 2025. In the 2020 elections, AAP secured 62 out of the 70 seats, while the BJP won 8 seats.
Previously, AAP National Convenor Arvind Kejriwal emphasized the importance of hard work and cautioned against overconfidence, drawing lessons from the recent Haryana election results. Speaking to AAP municipal councillors in Delhi on Tuesday, Kejriwal stated, "Elections are approaching and must not be taken lightly. The biggest lesson from today’s election is to never be overconfident."
Kejriwal also urged AAP’s municipal councillors to focus on ensuring basic public services, especially cleanliness, in their respective areas, highlighting their key role in the upcoming elections.
#WATCH | Delhi | AAP's National Spokesperson Priyanka Kakkar says, "We will contest Delhi (assembly) elections alone. On one side it's the overconfident Congress and on the other side, it's the arrogant BJP. We will contest the election based on what we have done in Delhi in the… pic.twitter.com/p3vXcox1ZO
— ANI (@ANI) October 9, 2024
