UPI Lite goes live with 8 Banks on NPCI BHIM

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UPI Lite goes live with 8 Banks on NPCI BHIM

          The wait is finally over. NPCI unveiled UPI Lite to the public on 20th September 2022.

          This was announced by Reserve Bank of India (RBI) Governor, Mr. Shaktikanta Das in the presence of Mr. Nandan Nilekani, Chairman Infosys and Advisor to NPCI, and Mr. Biswamohan Mahapatra, Chairman NPCI at Global Fintech Fest 2022 held in Mumbai on 20th September 2022.

          As on today, one can experience the power of UPI Lite on NPCI BHIM App only.



                    The following Eight banks are live with the feature including

01)  Canara Bank,

02) HDFC Bank,

03) Indian Bank,

04) Kotak Mahindra Bank,

05) Punjab National Bank,

06) State Bank of India

07) Union Bank of India

08) Utkarsh Small Finance Bank.

          If you are having account with any of the above banks, you can experience the power of UPI Lite.

          Other bank account holders will have to wait, before they can experience the power of UPI Lite.

         

In simple terms, the unique features of UPI Lite are as under:

Unique Feature 01) UPI Lite will provide users with a convenient solution for faster and simpler low-value transactions.

Unique Feature 02) With UPI Lite enabled on BHIM App, (on other UPI Apps as and when they introduce) users will be able to make small-value transactions in a near-offline mode.

Unique Feature 03) The upper limit of a UPI Lite payment transaction will be ₹200 while the total limit of UPI Lite balance for an on-device wallet will be ₹2,000 at any point in time.

Unique Feature 04) No interest will be paid on balance held on UPI Lite On-device wallet

Additional Reading:

Which Bank will offer an exclusive UPI Lite Account? @ https://innovationinbanking.blogspot.com/2022/03/which-bank-will-offer-exclusive-upi.html

UPI Lite – UPI without Internet – 21 FAQs @ https://innovationinbanking.blogspot.com/2022/01/upi-lite-upi-without-internet-21-faqs.html

Railways and UPI Lite – 1,00,00,000 UPI Lite Transactions per day - Let the Magic begun @ https://innovationinbanking.blogspot.com/2022/02/railways-and-upi-lite-10000000-upi-lite.html

 

UPI Lite @ https://www.bhimupi.org.in/content

Copyrights, if any, rest with the original copyright holder only.

Disclaimer: These are my personal views only. The bottom line is Safe ePayments. Nothing More – Nothing Less.

 

 

 


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