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UPI Lite Users News: A big news to Unified Payment Interface Light (UPI Lite) has come out. At the moment, UPI light users do not get the facility to remove the remaining balance in their UPI light account, but this facility is going to start soon. In this regard, the National Payments Corporation of India (NPCI) has issued a circular.

NPCI released circular (UPI Lite Users News)

NPCI has directed all issuing banks and payment service providers (PSP) banks, where UPI Light Service is active, to implement and activate the “transfer out” functionality by 31 March 2025.

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The circular states, “All members will have to implement the 'transfer out' functionality. With this, users will be able to transfer money from their UPI light balance to the source bank account from where it was loaded, that too without disabled UPI light. Objective Code 46 will be used to identify 'transfer out' transactions. “

Currently the account has to be deactivated (UPI Lite Users News)

At the moment, UPI Lite works unilaterally, ie users can only load money from their source bank account to UPI Lite Wallet. But there is no facility to send them back to the bank account. If a user wants to transfer his UPI Lite balance to a bank account, then he must first deactivate the UPI Lite account.

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UPI LITE limit was increased in December (UPI Lite Users News)

Significantly, the UPI Lite facility was started to complete small transactions without any interruption. Through this, internet is not required for transaction.

In December 2023, RBI decided to increase the limit of the transaction of UPI Lite.

• Per transaction limit has been reduced to ₹ 1000.
• The total limit has been reduced to ₹ 5000, which was earlier ₹ 2000.

When will the new facility be available? (UPI Lite Users News)

From the next financial year i.e. 1 April 2025, UPI Lite users will be able to transfer the amount left in their UPI Lite account directly to the bank account from where they loaded it. With the introduction of this facility, UPI LITE users will get great relief.

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