UPI New Rule 2024: Important news for UPI users. UPI rules have changed from November 1, 2024. National Payment Corporation of India (NPCI) has changed 2 popular rules of UPI Lite. This will benefit users using Google Pay, Phone Pay and Paytm. UPI Lite auto-pay balance feature was announced in NPCI's notification dated August 27, 2024.
In fact, from November 1, 2024, users will now be able to make more payments through UPI Lite than before. RBI has increased the transaction limit of UPI Lite. When the balance of UPI Lite falls below a certain limit, the user's account will be automatically auto-topped. This will allow payments to be made through UPI Lite without interruption. This will eliminate the need for manual top-up, which will facilitate the convenience of making digital payments through UPI Lite without any interruption.
UPI Lite is a wallet that allows users to make small transactions without using the UPI PIN. UPI Lite users have to manually recharge their wallet balance from their bank account to continue making payments, however with the new auto-top-up feature, the National Payments Corporation of India (NPCI) aims to do away with this process, eliminating the need for manual recharge.
Users have to set a minimum limit in the account linked to UPI Lite wallet. As soon as the wallet has the minimum amount, the wallet will be automatically topped up from the user's account. Till now, UPI Lite allows every user to transact up to Rs 500 and the maximum balance kept in the wallet is Rs 2000. According to RBI rules, the daily expense limit in UPI limit is Rs 4,000. RBI has also increased the transaction limit in UPI Lite by Rs 500, now a transaction of Rs 1,000 can be done at a time. Apart from this, the UPI Lite wallet balance has been increased from Rs 2,000 to Rs 5,000.
