New Delhi, August 24: The Reserve Bank of India (RBI) on Thursday raised the transaction limit for small-value digital payments conducted offline to Rs 500 per transaction from the earlier Rs 200. "This directive shall come into effect immediately," a notification issued by the central bank said. It further noted that all other instructions related to the small-value digital payments remain the same. UPI Lite: RBI Raises per Transaction Limit for UPI Lite to Rs 500 From Rs 200 To Promote Digital Transaction.

The RBI had proposed to increase the transaction limit in the monetary policy committee address on August 10. UPI Lite Transaction Limit Raised, Now Pay Rs 500 Without PIN; Here's How to Use UPI Lite.

It had clarified that while the per transaction limit was being raised to Rs 500, the overall limit would be retained at Rs 2,000 to contain the risks associated with relaxation of two-factor authentication.

(The above story first appeared on LatestLY on Aug 24, 2023 01:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).