Now autofill your UPI Lite balance: You will soon get option to have auto debit mandate to maintain UPI Lite balance
Bank of India (RBI) announced that UPI Lite will now be integrated with the e-mandate framework which will help in auto replenishment of UPI Lite balance. Governor Shaktikanta Das said that this integration will enhance the ease of making small value digital payments.
«The UPI Lite facility currently allows a customer to load his UPI Lite wallet upto Rs 2000 and make payments upto Rs 500 from the wallet.
In order to enable the customers to use the UPI Lite seamlessly, and based on the feedback received from various stakeholders, it is proposed to bring UPI Lite within the ambit of the e-mandate framework by introducing an auto-replenishment facility for loading the UPI Lite wallet by the customer, if the balance goes below a threshold amount set by him/her. Since the funds remain with the customer (funds move from his/her account to wallet), the requirement of additional authentication or pre-debit notification is proposed to be dispensed with,» said the RBI.
«UPI Lite was introduced in September 2022 to enable small value payments in a quick and seamless manner through an on-device wallet.
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 replenish their UPI Lite wallets if the balance goes below the threshold limit set by them. This will further enhance the ease of making small value digital payments,»said Governor Shaktikanta Das during the RBI MPC meeting.
