RBI raises per transaction limit for UPI Lite to Rs 500 from Rs 200 to promote digital transaction
Mumbai (PTI): Reserve Bank on Thursday proposed to increase the per transaction payment limit to Rs 500 for UPI Lite in offline mode and announced other measures to further deepen the reach and use of digital payments in the country.
Presently, a limit of Rs 200 per transaction and an overall limit of Rs 2,000 per payment instrument has been prescribed by the Reserve Bank for small value digital payments in offline mode, including for National Common Mobility Card (NCMC) and UPI Lite.
By removing the need for two-factor authentication for small value transactions, these channels enable faster, reliable, and contactless mode of payments for everyday small value payments, transit payments etc.
"Since then, there have been demands for enhancing these limits. To encourage wider adoption of this mode of payments and bring in more use cases into this mode, it is now proposed to increase the per transaction limit to Rs 500," RBI Governor Shaktikanta Das said.
The overall limit is, however, retained at Rs 2,000 to contain the risks associated with relaxation of two-factor authentication and instructions in this regard will be issued shortly, he added.
With the objective of harnessing new technologies for enhancing the digital payments experience for users, Das said, it is proposed to enable 'Conversational Payments' on UPI, which will enable users to engage in conversation with AI-powered systems to make payments and introduce offline payments on UPI using Near Field Communication (NFC) technology through 'UPI-Lite' on-device wallet.
UPI, with its ease of usage, safety and security, and real-time feature, has transformed the digital payment ecosystem in India. Addition of many new features over time have enabled UPI to facilitate diverse payment needs of the economy.
As Artificial Intelligence (AI) is becoming increasingly integrated into the digital economy, conversational instructions hold immense potential in enhancing ease of use, and consequently reach, of the UPI system, he said.
It is, therefore, proposed to launch an innovative payment mode viz., 'Conversational Payments' on UPI, that will enable users to engage in a conversation with an AI-powered system to initiate and complete transactions in a safe and secure environment, he said.
This channel will be made available in both smartphones and feature phones-based UPI channels, thereby helping in the deepening of digital penetration in the country, he said.
The facility will, initially, be available in Hindi and English and will subsequently be made available in more Indian languages and instructions to NPCI will be issued shortly, he added.
To increase the speed of small value transactions on UPI, an on-device wallet called 'UPI-Lite' was launched in September 2022 to optimise processing resources for banks, thereby reducing transaction failures.
The product has gained traction and currently processes more than ten million transactions a month.
"To promote the use of UPI-Lite, it is proposed to facilitate offline transaction using Near Field Communication (NFC) technology. This feature will not only enable retail digital payments in situations where internet/telecom connectivity is weak or not available, it will also ensure speed, with minimal transaction declines. Instructions to NPCI will be issued shortly," he said.
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We need to create system in which people's skills get their due: Rahul Gandhi
New Delhi (PTI): Leader of Opposition in the Lok Sabha Rahul Gandhi Friday called for creating a system in which people's skills get their due and everyone's contribution is respected, as he shared a Diwali video in which he interacts with paint job workers and potters.
Posting the over nine-minute video which features him also having a conversation with his nephew Raihan Rajiv Vadra on YouTube, the former Congress chief said, "A memorable Diwali with special people - I celebrated this Diwali working with some painter brothers and making earthen diyas with a potter family."
"I saw their work closely, tried to learn their skills and understood their difficulties and problems. They don't go home. We celebrate festivals happily and to earn some money, they forget their village, city, family," Gandhi said.
"They make happiness from clay. While lighting up the festivals of others, are they able to live in light themselves? Those who build houses can hardly run their own houses!" he said.
Gandhi said Diwali means light that can remove the darkness of poverty and helplessness.
"We have to create such a system -- in which people's skills get their due and contribution is respected -- makes everyone's Diwali a happy one. I hope this Diwali brings prosperity, progress and love in the lives of all of you," he said.
In the video, Gandhi is seen working with labourers at the 10 Janpath residence and learning to paint walls along with his nephew. In the second part of the video, Gandhi goes to the house of a woman who makes earthen lamps with her five daughters.
Gandhi tries his hand at pottery and makes 'diyas', which he says he would give to his mother and sister.
Since his Kanyakumari to Kashmir Bharat Jodo Yatra and his Manipur to Mumbai Bharat Jodo Nyay Yatra, Gandhi has been interacting with a cross-section of people from mechanics and cobblers to labourers and bus drivers.
He often posts videos of his numerous interactions and highlights the plight of various sections of society.
