The Reserve Bank of India (RBI) has lifted the limit for offline UPI Lite transactions from Rs 200 to Rs 500. No PIN entry is required for these transactions.
RBI Governor Shaktikanta Das revealed this decision following the Monetary Policy Committee meeting.
Promoting Digital Payments
UPI Lite, aimed at advancing digital payments, enables wallet-based transactions without involving banks.
Top platforms like PhonePe and Paytm offer this service, permitting transactions of up to Rs 2000 per day.
Steady Repo Rate, Economic Outlook
The RBI has upheld the repo rate at 6.5 percent for the third consecutive time.
It has also maintained its economic growth projection of 6.5 percent for the ongoing fiscal year.
Meanwhile, the inflation forecast for 2023-24 has been revised to 5.4 percent.
Unchanged Repo Rate
RBI has abstained from altering the repo rate in recent policy reviews, spanning June and April.
Over the last year, the repo rate saw six 2.50 percent increases, primarily aimed at taming inflation.
