RBI increases the upper limit of an offline payment transaction to Rs. 500 from Rs 200 with immediate effect

The Reserve Bank of India (“RBI”) has increased the upper limit of an offline payment transaction to ₹500 from Rs 200.

Other instructions mentioned in the Framework for Facilitating Small Value Digital Payments in Offline Mode will continue to remain applicable as before.

 Background:

Last year RBI had issued the Framework for Facilitating Small Value Digital Payments in Offline Mode (please refer to the trail e-mail for a detailed read) to enable small value digital payments in offline mode using cards, wallets, mobile devices, etc. Through the present notification, the upper limit of an offline payment transaction that was notified to be Rs.200 has been increased to Rs. 500.

Source: Reserve Bank of India