RBI unveils UPI Lite with e-Mandate Framework for Automatic Balance Replenishment

UPI Lite

The Reserve Bank of India (RBI) has introduced the integration of UPI Lite with the e-mandate framework, facilitating automatic replenishment of UPI Lite balances. RBI Governor Shaktikanta Das announced this development, highlighting its aim to enhance the convenience of small-value digital payments.

Currently, UPI Lite allows users to load up to Rs 2000 into their wallets and make payments of up to Rs 500. With the new integration, customers can set a threshold amount for their UPI Lite balance, which will trigger automatic top-ups without requiring additional authentication or pre-debit notifications, as the funds remain within the customer’s account.

Read more: RBI Maintains Repo Rate at 6.5% Amidst Economic Projections for FY25

Governor Das emphasised the initiative’s goal of promoting seamless small-value transactions. He stated, “UPI Lite, launched in September 2022, was designed to enable quick and easy small payments through an on-device wallet. The auto-replenishment feature under the e-mandate framework will further simplify this process.”

UPI Lite, developed by the National Payments Corporation of India (NPCI), is supported on platforms like Paytm, the BHIM app, and Google Pay. The RBI’s move aims to encourage broader adoption and ease of use for digital transactions across India.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.