RBI today announced Automatic replenishment under the UPI Lite facility. Automatic replenishment ensures that users do not need to manually top up their UPI Lite wallets, making it easier to manage their offline transactions. This feature will be particularly beneficial for users in remote or rural areas where, internet connectivity is limited, as they can continue to make transactions.
The UPI Lite facility currently allows a customer to load his UPI Lite wallet up to ₹2000/- and make payments up to ₹500/- from the wallet.
“To enable the customers to use the UPI Lite seamlessly, and based on the feedback received from various stakeholders, it is proposed to bring UPI Lite within the ambit of the e-mandate framework by introducing an auto-replenishment facility for loading UPI Lite wallet. The customer sets a threshold limit for their UPI Lite wallet balance. If the balance falls below this threshold, the UPI Lite wallet automatically replenishes itself by debiting the customer’s account and loading the wallet with the set amount. Further, the requirement of additional authentication or pre-debit notification is proposed to be dispensed with. This is because the funds remain with the customer (funds move from his/her account to wallet).
“Related guidelines regarding the above proposal will be issued shortly,” said RBI.
Before closing the ledger accounts, if the error is found you can rectify it without…
The errors in accounting take place due to wrong posting of transactions, wrong totaling or…
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…
When the trial balance does not tally due to the one-sided errors in the books,…
Errors in Trial Balance are mistakes made during the accounting process that cannot always be…
“Under the explanation to Section 25 of the Negotiable Instruments Act, 1881 (Central Act 26…