The 51st meeting of the MPC (Monetary Policy Committee) committee of RBI was held on October 7 to October 9.
The RBI raised the UPI 123PAY transaction limit from Rs 5000 to Rs 10,000. The UPI Lite wallet limit was raised by the central bank from Rs 2,000 to Rs 5,000.
The per transaction limit for UPI Lite has been cut back to Rs 100 from the current limit of Rs 500.
UPI123PAY
Users of feature phones can use UPI 123PAY, an instant payment system, to safely and securely use the Unified Payments Interface (UPI) payment service. Feature phone users can now conduct a variety of transactions based on four different technological options with UPI 123PAY.
These consist of using an IVR (interactive voice response) number, using feature phones' apps, using a missed call-based strategy, and making payments based on proximity sound.
UPI lite
The UPI LITE enables low-value transactions in real-time without utilising the users' bank's core banking systems, all while offering sufficient risk mitigation in a user-friendly manner.
The UPI LITE wallet allows users to perform transactions over existing UPI systems without using the UPI pin of the user; the current UPI Lite wallet allows a maximum balance of Rs 2,000, which has been now increased to Rs 5,000.
Benficiary a/c name lookup facility
The current digital payment infrastructure, UPI, is a pioneer of peer-to-peer digital transactions. The UPI and IMPS (Immediate Payment Service) allow the user to cross-check the name of the receiver of the funds; this service will be further extended to the NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement).
This facility introduced in NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) will further improve the safety and ease of payment for both the sender and the receiver of the funds.
Current NEFT (National Electronic Funds Transfer) and RTGS (Real Time Gross Settlement) do not allow any kind of verification to the sender before completing a transaction.
