RBI Boosts UPI: Higher Limits for Digital Transactions

The Reserve Bank of India (RBI) has increased the limits for UPI transactions, including UPI 123Pay, which enables digital payments for 400 million feature phone users, and UPI Lite, which streamlines small-value transactions.

UPI 123Pay: Empowering Feature Phone Users

UPI 123Pay limit increased from ₹5,000 to ₹10,000 per transaction.
Launched in March 2022 to enable digital payments for 400 million feature phone users.

Operates without internet connectivity through four methods:

1. Interactive Voice Response (IVR)
2. Missed Call Transactions
3. App-based Payments for Feature Phones
4. Proximity Sound-based Payments
Supports financial inclusion by providing digital payment solutions to a broader population.
Available in 12 languages, enhancing accessibility.

UPI Lite: Streamlining Small-Value Transactions

Wallet limit increased from ₹2,000 to ₹5,000.
Per-transaction limit raised from ₹500 to ₹1,000.
Designed for frequent, low-value transactions.
Operates without accessing bank servers for each transaction.
Ideal for areas with limited internet connectivity.
Allows users to store money directly on their devices.
Auto-replenishment feature available.

Additional UPI Enhancements

Proposal to increase the general UPI transaction limit from ₹1 lakh to ₹5 lakh.
Aim to facilitate higher-value payments and ease tax payments through UPI.
Introduction of delegated payments:
- Allows primary users to authorize secondary users for transactions up to a specified limit.
- Secondary users don't need a separate bank account linked to UPI.
RBI to create a public repository of digital lending apps:
- Aims to curb problems from unauthorized lending apps.
- Banks and financial institutions to report and update information about their lending apps.

Impact and Future Outlook

Changes aimed at encouraging wider adoption of digital payments.
UPI network processed over 500 million daily transactions in September 2023.
Transaction values consistently above ₹20 lakh crore for five consecutive months.
Average daily transaction values reached ₹68,800 crore in September, up from ₹66,475 crore in August.
31% year-on-year increase in UPI transactions to ₹20.64 lakh crore.
Introduction of beneficiary account name look-up facility for RTGS and NEFT:
- Allows remitters to verify beneficiary names before initiating transfers.
- Aims to reduce wrong credits and potential frauds.
Proposal to increase credit information reporting frequency to fortnightly or shorter intervals.
- Benefits borrowers with faster credit information updates.
- Enables lenders to make better risk assessments.

Reliance and Nifty50

It is crucial to have knowledge of economic subjects like Nifty50 in order to do well on SSC exams. Nifty50 is an indicator that tracks the stock market performance of the top 50 companies listed

Kallapu-Sajipa Riverfront Road Project

When it comes to building new infrastructure, Karnataka is in the forefront. There are a lot of big initiatives in the state that are boosting the economy and making things more accessible.

India's Manufacturing Vision 2025

India's manufacturing policies have recently gained significant attention as the government seeks to strengthen the country's industrial sector and achieve long-term economic growth. The foc

What Drives the Gold Price Rs 1 Lakh?

Gold prices in India have surged to an all-time high, surpassing the Rs 1 Lakh mark per 10 grams for the first time. This significant rise in the Gold Price of Rs 1 Lakh is linked to various g

India’s GDP Growth Rate Falls to 6.4%

Fitch has revised its 2025 GDP forecast for India from 6.6% to 6.4%, a decrease of 10 basis points. This is the most recent global economic news. While this may not seem like a major drop, it’

Boosting Opportunities in the Gig Economy

India is witnessing a quiet revolution in how employment is created. The announcement of 12 lakh jobs in India by 2025 is a huge step toward redefining the gig and logistics economy. With

Nirmala Sitharaman Presents the 2024-25 Economic Survey – An In-Depth Analysis

The Economic Survey 2024-25 emphasizes India's consistent economic growth, forecasting a 6.4% GDP increase in FY25. Key highlights include controlled inflation, robust trade performanc

MoMSME Unveils TEAM Initiative to Enhance Digital Presence of MSMEs in India

The Ministry of Micro, Small, and Medium Enterprises (MoMSME) has introduced the MSME Trade Enablement and Marketing (TEAM) Initiative, a pioneering initiative designed to strengthen the d

Union Budget 2025: Understanding the Concept of 'Bahi Khata'

The ‘bahi khata’ is a traditional Indian ledger employed for accounting and maintaining records. It is typically a bound book, often covered in cloth, used to track financial t

CRED Introduces e₹ Wallet, Boosting India’s Digital Currency Adoption

CRED has become the first fintech platform to incorporate India’s e₹ wallet, a digital currency supported by the RBI. In partnership with YES Bank, CRED enables users to store and