What is the maximum limit for UPI123 Pay and UPI Lite Wallet transactions respectively?

### Concept & Fact The Reserve Bank of India (RBI) periodically revises transaction limits for various digital payment modes to enhance user convenience and promote digital financial inclusion. ### Step-by-Step Solution * **Identify the updates:** In a recent monetary policy announcement (October 2024), the RBI Governor proposed increasing the transaction limits for specific UPI features. * **UPI123 Pay Limit:** The per-transaction limit for UPI123 Pay (designed for feature phone users) was enhanced from ₹5,000 to ₹10,000. * **UPI Lite Wallet Limit:** The limit for the UPI Lite wallet was also increased from ₹2,000 to ₹5,000 to encourage broader adoption of offline and small-value payments. ### Exam Strategy & Shortcut For Banking Awareness questions, always track changes in the Monetary Policy Committee (MPC) bi-monthly reviews. Create a cheat sheet of all RBI-mandated transaction limits (NEFT, RTGS, UPI, IMPS). ### Common Pitfall Students often confuse the UPI Lite per-transaction limit (₹500) with the overall wallet limit (₹5,000). Ensure you read whether the question asks for the transaction limit or the wallet capacity limit. ### Final Answer Therefore, the correct answer is **₹10,000 for UPI123 Pay, ₹5,000 for UPI Lite Wallet**.