UPI Lite goes live with 8 Banks on NPCI BHIM

-

 

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.

 

 

 


Comments

Post a Comment

Popular posts from this blog

CERTIFICATE EXAMINATION IN INTERNATIONAL TRADE FINANCE

-
Image
          This certification is essential for all members of a Bank Trade Finance Department.   The syllabus covers key aspects required by team members to effectively discharge their duties. Trade Finance is one of the traditional forms of bank finance in India. In view of reforms and liberalisation, this has gained a new significance.   Many of the practices in trade finance have evolved over a period of time and some are guided by Ministry of Commerce and Reserve Bank of India, besides WTO and International Chamber of Commerce through UCPDC 600. With the increase in the volume of trade both domestically and internationally, there is a need for trade finance professionals from banks as well as corporates. The Objectives of this IIBF Examination is as under:   (i) To provide candidates with competencies required to function as trade finance practitioners. (ii) To enable candidates to possess the needed skill and knowledge to understand clients' needs
Read more

IIBF-Certificate Examination in Foreign Exchange Facilities for Individuals

-
          The primary objective this IIBF course is to make the branch officials familiar with the FEMA provisions that impact their day to day functioning at the branch level.     This exam is being introduced pursuant to the recommendation of a committee of RBI.           Normally foreign exchange transactions pertaining to individuals are handled at branches only and are not referred to specialised forex cells.           The course covers ‘Foreign Exchange Facilities for individuals under FEMA1999’ RBIs FAQs’ on Forex Facilities for Residents (Individuals) (updated up to November 21, 2014) For full details refer to Reserve Bank of India website: Introduction : The legal framework for administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999. Under the Foreign Exchange Management Act, 1999 (FEMA), which came into force with effect from June 1, 2000, all transactions involving forei
Read more

Feedback on BB-Instant Vending Machines customer review_ “while login (maximum account limit reached for this number) problem”

-
Image
          Office goers in Bengaluru, Hyderabad and Noida along with apartment dwellers in Bengaluru, Hyderabad and Noida are doing a bit of their daily shopping through BB-Instant Vending Machines.           Vending machines in India are still a novelty and most of the vending machines expect hard physical cash to dispense the goods.           Fortunately, BB-Instant Vending Machine is 100% Digital Transaction based. The below issue is reported by quite few users while downloading BB-Instant App QUOTE Customer feedback:: my problem still not solved, I have tried to solve my error message while login (maximum account limit reached for this number) problem but you people cannot fix it infact you are saying to change my mobile number, you think for your stupid error I'm going to change my number. Standard BB-Instant Customer Team Response: Bigbasket.com2 July 2019 We are very sorry to have you disappointed, kindly share us your details at appsupport@bi
Read more