RBI Raises Payment Limit On UPI Lite From Rs 200 To Rs 500 Without Pin

The Reserve Bank of India raised the transaction limit of UPI Lite to Rs 500 from Rs 200. UPI Lite, which was introduced by the National Payments Corporation of India (NPCI) and RBI in September 2022, is a simplified version of the original UPI payment system. UPI Lite's purpose is to enable users to conduct small-value transactions seamlessly without facing banks' occasional processing failures. Governor Das also said that with the use of new technology, it is proposed to enable conversational payments in UPI that would help users to engage in AI-powered systems to make payments.