RBI Introduces Autofill Feature for UPI Lite (See Changes)

The Reserve Bank of India (RBI) has announced a significant update for UPI Lite users. Starting June 7, 2024, the balance in UPI Lite wallets will be automatically replenished from users’ bank accounts when it falls below a certain limit.

This change eliminates the need for manual transfers each time the balance runs low. RBI Governor Shaktikanta Das highlighted this integration with the e-mandate framework as a step towards simplifying digital payments.

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Changes in UPI Lite Services

Currently, UPI Lite allows users to load up to ₹2,000 into their wallets and make payments of up to ₹500. With the new update, an auto-replenishment feature will be introduced.

When the wallet balance drops below a set limit, funds will automatically transfer from the user’s bank account without requiring additional verification or pre-debit notifications.

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This seamless process aims to enhance the convenience and efficiency of using UPI Lite for small transactions.

Enhancing Digital Payment Ease

RBI’s decision to integrate UPI Lite with the e-mandate framework is driven by the goal of improving the user experience for small-value transactions.

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By automating the balance top-up process, RBI intends to make digital payments more hassle-free and accessible for everyday use.

This move is expected to significantly enhance the appeal and utility of UPI Lite for consumers across the country.

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