RBI launches Beneficiary Name Verification for RTGS/NEFT, raises UPI Lite and 123Pay limits.
The Reserve Bank of India (RBI) has launched a Beneficiary Name Verification facility for RTGS and NEFT systems, allowing remitters to confirm a recipient's name before transactions, thereby reducing fraud and incorrect credits. Additionally, the RBI raised UPI Lite wallet limits from ₹2,000 to ₹5,000 and doubled the UPI 123Pay transaction limit to ₹10,000. Key interest rates remain unchanged at 6.5%. Detailed guidelines will follow.
October 09, 2024
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