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RBI hikes offline digital payments limit to Rs 500
Highlights
Mumbai: The Reserve Bank of India (RBI) on Thursday enhanced the upper limit of an offline payment transaction to Rs500 from the existing Rs200 to...
Mumbai: The Reserve Bank of India (RBI) on Thursday enhanced the upper limit of an offline payment transaction to Rs500 from the existing Rs200 to promote the use of UPI-Lite wallet in areas where internet connectivity is weak or not available.
However, the total limit for offline transactions on a payment instrument remains Rs2,000 at any point in time. “The upper limit of an offline payment transaction is increased to Rs500,” the RBI said in a circular on ‘Enhancing transaction limits for Small Value Digital Payments in Offline Mode.’
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