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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Another incident of alleged insult to Islamic prayer reported in Belthangady
case lodged against 47 individuals
Belthangady: Another incident involving individuals allegedly dancing indecently, dressed in a denigrating manner, and insulting the Azan (Islamic call to prayer) has come to light under the jurisdiction of the Venoor Police Station. A case has been lodged against 17 accused persons and 20 to 30 others who were allegedly involved in the act.
Based on a complaint filed by Mohammed Rafiq, a resident of Poyyegudde house in Padangady village, a case has been registered at Venoor police station against Savya residents Vasantha, Rajesh, Harish, Peradi residents Dayanand, Ranganath, Mohan, Shamit, Ravi, Ramesh Kulal, Suresh, Ashoka Kulal, Dhanush Haradottu, Harish Banthottu, Ramesh R.K, Suresh Barottu, Pramod, Prakash Peradi and 20 to 30 other individuals.
A case has been registered under Section 353(2) along with Section 3(5) Bharatiya Nyaya Sanhita 2023 for disrespecting Islam, Prophet Muhammad and the Islamic prayer Azhan by wearing Muslim attire during a 'Purusha Kattuna' event on April 14th.
A video of the incident is reportedly circulating on various social media platforms. In the purported video, a group of individuals can be seen wearing traditional Muslim attire and allegedly insulting the Azan by dancing indecently during a 'Purusha Kattuna' (a ritualistic dance performed by men of different castes, typically marking the end of agricultural activities) event held in Peradi near Venoor.
This incident follows a similar episode reported just days ago during a Purushara Puja ceremony, where Islam was allegedly disrespected. A complaint had already been filed with the Venoor police regarding that incident.
Leaders from the Social Democratic Party of India (SDPI) had also approached the Venoor police and submitted an official complaint, and demanded immediate action against those who are responsible for creating unrest in the society by wearing Muslim attire and hurting religious sentiments.
The Venoor police have now registered a case following widespread outrage over the alleged video denigrating Islam.
