The Reserve Bank has proposed to bring an auto-replenishment facility for UPI Lite wallet. As per an official statement, RBI plans to bring UPI Lite within the e-mandate framework. Accordingly, if the balance in the UPI wallet goes below a threshold amount set by the customer, the fund will move from his/her account to the wallet without additional authentication or pre-debit notification.
RBI has said the move will enable customers to use the UPI Lite seamlessly, adding that the change in rules is based on the feedback received from various stakeholders.
The UPI Lite facility currently allows a customer to load his UPI Lite wallet up to Rs 2,000 and make payments up to Rs 5,000.
UPI Lite was introduced in September 2022 to enable small value payments in a quick and seamless manner through an on-device wallet.
RBI has said that related guidelines in this regard will be issued shortly.
Disclaimer: This press release is sourced from News On AIR, Prasar Bharti and Press Information Bureau India (PIB).