The Reserve Bank of India has launched a new feature in UPI Lite, by which the wallet can be automatically reloaded under the e-mandate framework. This new facility enables customers to automatically reload their UPI Lite wallet when the balance falls below a certain threshold set by the user.
At present, customers can load up to Rs 2000 and make payments up to Rs 500 per transaction using UPI Lite wallet. With this new auto reload feature, users will not have to manually recharge their wallet. Instead, it will automatically top up from their bank account, ensuring a seamless payment experience. Any pre-debit notifications or additional authentication would not be required as the funds move from the customer's bank account to the wallet.
The Reserve Bank of India in a note said that this update is based on feedback from various stakeholders and aims to make UPI Lite more convenient.
RBI, for the 8th consecutive time left the repo rate unchanged at 6.5%. It has projected the GDP growth for FY25 at 7.2% and CPI inflation at 4.5%.
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