UPI Lite: The Reserve Bank of India announced increasing the offline UPI Lite transaction limit from Rs 200 to Rs 500. Customers have not need to enter their PIN for such transactions. Reserve Bank Governor Shaktikanta Das told that this decision has been taken in the meeting of the Monetary Policy Committee.
UPI Lite was started to promote digital payments among customers across the nation. With the facility, you can make payments using a wallet only without going through a bank. However, it is necessary that money is added to the wallet. Platforms like PhonePe and Paytm have started this service. Under this, you can do transactions up to Rs 2000 in a day.
No change in repo rate
In its review meeting, Reserve Bank retained the repo rate at 6.5 percent for the third time in a row. The central bank has also retained its economic growth forecast for the current financial year at 6.5 percent. Whereas, the inflation forecast for the current financial year 2023-24 has been increased to 5.4 percent.
RBI did not change the repo rate in the previous monetary policy review meetings of June and April. Earlier, the repo rate was increased by 2.50 percent six times since May last year mainly to bring inflation under control.
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