RBI brings proposal for Auto-Replenishment Facility For UPI Lite Wallet
The UPI Lite facility currently allows a customer to load his UPI Lite wallet up to Rs 2,000 and make payments up to Rs 5,000.
The Reserve Bank has proposed to introduce an auto-replenishment feature for the UPI Lite wallet. According to an official statement, RBI plans to include UPI Lite in the e-mandate framework. This means that if the balance in the UPI wallet falls below a threshold amount set by the customer, funds will be transferred from their account to the wallet without requiring additional authentication or pre-debit notification.
RBI has said the move will enable customers to use the UPI Lite seamlessly, adding that the change in rules is based on the feedback received from various stakeholders.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYThe UPI Lite facility currently allows a customer to load his UPI Lite wallet up to Rs 2,000 and make payments up to Rs 5,000.
UPI Lite was introduced in September 2022 to enable small value payments quickly and seamlessly through an on-device wallet. RBI has said that related guidelines about this will be issued soon.
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