3 key RBI announcements to enhance safety and ease of digital payments; know here

Key changes include raising the UPI 123Pay transaction limit, enhancing UPI Lite for small transactions, and introducing name verification for RTGS and NEFT transfers.

3 key RBI announcements to enhance safety and ease of digital payments; know here

3 key RBI announcements to enhance safety and ease of digital payments; know here

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The Reserve Bank of India (RBI) announced three updates during its Monetary Policy Committee (MPC) meeting on October 9 to make digital payments easier and safer. 

Here are the key announcements by the Reserve Bank of India:

Increased UPI Limits

The RBI has raised the transaction limit for UPI 123Pay, which helps feature phone users make UPI payments. Transaction limit has been increased from Rs 5,000 to Rs 10,000, allowing users more flexibility for larger payments.

UPI Lite

UPI Lite is an online wallet designed for small transactions. The overall limit has now been increased to Rs 5,000, and the per transaction limit is set at Rs 1,000, making it very convenient for daily use.

Security Enhancements for RTGS and NEFT

Users can now verify the name of the recipient before sending money by entering their account number and branch details. This feature will help reduce errors and fraud.

These changes aim at making digital payments more user-friendly and secure.

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