They say that India has gone digital, and indeed, it’s true that nowadays everything has become computerized. From the smallest to the largest tasks, whether in government offices or private businesses, everything is done through computers. In fact, even tasks like those in village panchayats are now carried out through computers.
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If a government initiates a plan and extends its benefits to the citizens, even that is facilitated to the citizens through online means. In the present era, every aspect, even transaction at small grocery stores, is conducted through online payments.
The trend of online payments, including Unified Payments Interface (UPI) transaction, is now prevalent everywhere. More online transaction are being conducted beyond cash transactions in every corner of the country. This leads to one advantage:
The need for people to carry belongings with them has changed. Previously, when people went out, they had to figure out how to keep their possessions safe. There was always a risk of theft or loss. This used to cause a lot of inconvenience. However, this is not the case anymore due to online transactions. People no longer need to worry about keeping things with them because of the ease of online financial dealings.
Moreover, online transactions offer a multitude of conveniences through banking services and the UPI (Unified Payments Interface) app, and the government is also enhancing the accessibility of this transaction method.
The government is continuously implementing new rules to advance this service, and the Reserve Bank of India (RBI) has modified the online transaction limit through UPI Light. This is happening on a regular basis.
Through an RBI-issued circular, it has been communicated that in areas across the country lacking internet access or facing signal issues, the UPI Light service will enhance online facilities by increasing the transaction limit from ₹200 to ₹500. Additionally, it’s emphasized that the total transaction limit through UPI Light on any platform will remain at ₹2000.
The UPI Transaction Limit is the threshold up to which money can be sent in a single day using UPI.
The UPI Lite service functions like an app through which you can make online UPI payments. It operates on the BHIM UPI app and was launched by the National Payments Corporation of India (NPCI) in 2016. The reason behind its introduction was to simplify digital payments. To use it, you need to deposit money into the app’s wallet from your bank account. Then, utilizing UPI Lite, you can easily make payments using the loaded funds in your wallet.
The UPI Transaction Limit comprises two types of transaction thresholds:
Through this, you can conduct a total transaction of ₹2000 within one month. This implies that an individual can carry out transactions of only ₹2000 through the UPI Lite wallet within a single month.
There is no requirement for NACH Debit Mandate Verification for UPI Transaction Limit.
ICICI Bank has introduced the convenience of online payments through NACH technology, eliminating the need for Prince Verification. With this, financial transactions become even more effortless and expedient, allowing you to withdraw and deposit your money with ease and swiftness.