During the Monetary Policy Committee (MPC) announcement, Das stated that the per-transaction limit for UPI 123Pay will be increased from Rs 5,000 to Rs 10,000, and the UPI Lite wallet limit will be raised from Rs 2,000 to Rs 5,000. 

The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, announced these changes on October 9 to promote digital payments through the Unified Payments Interface (UPI). 

The purpose of increasing these limits is to make UPI more inclusive and accessible. UPI 123Pay, which enables digital payments without an internet connection, is specifically designed to assist people in areas with limited internet access. 

By increasing the per-transaction limit to Rs 10,000, the RBI aims to facilitate larger transactions and provide users with more flexibility and convenience. 

Similarly, the limit on the UPI Lite wallet, which allows small-value transactions directly from the wallet without requiring bank authorisation for each transaction, will be increased to Rs 5,000. 

This improvement will make UPI Lite more convenient for users who rely on it for frequent low-value transactions. It will enable them to store more funds in their wallets and make quicker payments without repeated top-ups. 

Notably, the UPI network processed over 500 million daily transactions in September, as per data released by the National Payments Corporation of India (NPCI). The value of transactions remained above the Rs 20 lakh crore mark for the fifth consecutive month. 

The average daily transaction value in September was Rs 68,800 crore, up from Rs 66,475 crore in August. Compared to the same period last year, UPI transactions surged by 31% to Rs 20.64 lakh crore.

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