RBI Introduces UPI Lite E-Mandate: Key Details for UPI Users

RBI Introduces UPI Lite E-Mandate: Along with the new Monetary policy announcement, RBI Governor Shaktikanta Das has also made UPI Lite part of the e-mandate framework.

The new monetary policy has not affected the repo rate, thus the home loan interest rates have not been changed.

A lot of important developments were disclosed by the RBI Monetary Policy Committee and thus the new update on UPI lite will make the user experience more seamless.

RBI has also raised the amount that can be deposited in banks from Rs 2 crore to Rs 3 crore.

RBI also decided to put efforts into lowering unsecured loans and payments.

RBI focuses on making the FEMA rules on the export and import of goods and services more rational.

Check Out: Bank Re-KYC Update: Easy Steps To Update Your KYC Online

RBI has put the UPI Lite under the e-mandate framework which will allow users to automatically add money after the user money has gone beyond the limit set by RBI.

UPI Lite was first introduced in 2022 to provide people who make smaller amounts of payments using wallets. UPI Lite wallet has a daily limit of Rs 2000 and can make transactions up to Rs 500.

UPI Lite with the help of the NPCI Common Library (CL) app executes these types of payments to make sure that there is stability, compliance, and wide acceptance.

However, this major development in the UPI Lite wallets will make it easier as users don’t have to add money manually into their UPI Lite wallets.

People who live in remote or rural areas with slow internet connections will get the most out of this feature.

Check Out: Paytm Introduce UPI Lite Wallet, Offers Seamless And Faster Transactions