MPC Meet Update: Good news for UPI users, RBI added this feature in UPI Lite..
The Reserve Bank of India (RBI) has today announced the decisions taken in the MPC meeting. Let us tell you that the MPC meeting is held every two months. This meeting is chaired by the RBI Governor.
Today RBI Governor Shaktikanta Das announced the decisions taken in the MPC meeting. Das said that there is now a proposal to integrate the e-mandate framework in UPI Lite. This means that now automatic balance will be added to the UPI Lite Wallet. That is, the hassle of adding balance to users will end.
RBI has taken this decision to make small digital payments easier. In the year 2022, RBI launched UPI Lite.
Currently, you can add Rs 2,000 daily in UPI Lite. At the same time, the upper limit for a single payment is Rs 500. UPI Lite is a simplified version of the Unified Payments Interface (UPI).
It acts as an on-device wallet for transactions of small transactions. Currently, one can keep a maximum of Rs 2,000 at a time in UPI Lite.
RBI Governor Shaktikanta Das said
To encourage wider adoption of UPI Lite, it is now proposed to bring it under the e-mandate framework by introducing a facility for customers to automatically refill their UPI Lite wallet if the balance falls below the limit set by them.
Announcing the bi-monthly monetary policy here, he said that this will facilitate small-value digital payments. E-mandated is necessary to increase digital transactions.
How will e-mandated benefit
UPI Lite was introduced in September 2022 to enable small value payments quickly and seamlessly through on-device wallets.
RBI proposes to include payments such as Fastag and balance replenishment in the National Common Mobility Card (NCMC). This will enable customers to automatically refill the balance in Fastag, NCMC, etc.
If the amount in the wallet falls below the limit set by the customer, the amount will be automatically added to the wallet.
People will benefit greatly from the addition of the e-mentioned feature. They will not have to worry about adding money to their wallet again and again.
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