RBI raises transaction limit for small value offline digital payments to Rs 500

IANS Photo

IANS Photo

New Delhi, August 24 (IANS): The Reserve Bank of India (RBI) on Thursday raised the transaction limit for small-value digital payments conducted offline to Rs 500 per transaction from the earlier Rs 200.

"This directive shall come into effect immediately," a notification issued by the central bank said.

It further noted that all other instructions related to the small-value digital payments remain the same.

The RBI had proposed to increase the transaction limit in the monetary policy committee address on August 10.

It had clarified that while the per transaction limit was being raised to Rs 500, the overall limit would be retained at Rs 2,000 to contain the risks associated with relaxation of two-factor authentication.