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RBI Governor Das highlights UPI advancements: AI integration, enhanced transaction limit and UPI Lite

RBI Governor Shaktikanta Das has revealed upgrades to the Unified Payments Interface (UPI) to enhance payment convenience. These upgrades encompass conversational AI for transactions, the facility to use UPI in offline scenarios via UPI Lite, and a transaction limit boost from Rs 200 to Rs 500.

Written By: Saumya Nigam @snigam04 New Delhi Updated on: August 11, 2023 14:17 IST
RBI Governor, AI Conversations, UPI Lite, Transaction Caps
Image Source : FREEPIK RBI Governor Announces AI Conversations, UPI Lite, and Higher Transaction Caps

RBI Governor Shaktikanta Das has announced several enhancements to the Unified Payments Interface (UPI) aimed at improving ease of payments. These include the introduction of conversational AI for payments, the ability to conduct transactions using UPI in non-Internet environments through UPI Lite, and an increase in the transaction limit for small-ticket expenses from Rs 200 to Rs 500.

What are conversational payments and how will they work with UPI?

Conversational payments involve making payments through online messaging or chat platforms during live chats. With the new enhancement, UPI users can conduct conversational payments using AI-enabled technology. This is part of the efforts to make payment processes more user-friendly.

What is UPI Lite and how is it different from regular UPI?

UPI Lite is a version of UPI designed to function even without an active internet connection. It operates as a wallet on a user's device and stores a certain amount from the bank account, ensuring that payments can be made even in areas with no internet connectivity. Unlike the regular UPI, UPI Lite has a transaction cap of up to Rs 200 and allows users to store up to Rs 2,000 as a balance. It permits transactions worth up to Rs 4,000 within 24 hours.

What change has been made to the transaction limit for UPI Lite and when will it be effective?

The transaction limit for UPI Lite, which was previously set at Rs 200, has been expanded to Rs 500. This change will come into effect from August 10. This increase in the transaction limit is expected to facilitate larger-value transactions through UPI Lite.

Has the Reserve Bank of India's monetary policy committee (MPC) made any recent decisions?

Yes, the Reserve Bank of India's MPC has made recent decisions regarding monetary policy. The committee has maintained the repo rate at 6.5 per cent for the third consecutive time. Additionally, the MPC has revised the inflation forecast for FY 24 to 5.4 per cent from the earlier estimate of 5.1 per cent, taking into account price pressures in items like vegetables, wheat, and rice.

How has the RBI Governor addressed concerns about the Indian banking system's resilience and safety?

RBI Governor Das has assured the public about the resilience and safety of the Indian banking system. He introduced revised parameters for the financial regulation of banks and non-banking financial companies (NFBCs) as part of the efforts to strengthen and ensure the financial sector's stability. This move is likely aimed at bolstering confidence in the banking system's security and performance.

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