New Delhi: The Reserve Bank of India (RBI) announced on June 7 the introduction of auto-replenishment for UPI Lite wallets under its e-mandate framework. This announcement was made by RBI Governor Shaktikanta Das during the central bank's monetary policy press meet.
The auto-replenishment feature eliminates the need to refill UPI Lite wallets manually. Once a customer-defined threshold amount is reached, the wallet will automatically refill, streamlining the payment process. Governor Das highlighted that this move is based on "feedback from stakeholders and aims to facilitate seamless usage of UPI Lite."
Currently, the UPI Lite facility allows customers to load their wallets up to Rs 2,000 and make payments up to Rs 500. With the proposed auto-replenishment feature, customers can enjoy uninterrupted wallet usage, with funds moving from their accounts to the wallet without the need for additional authentication or pre-debit notification.
In the monetary policy announcement, the RBI's Monetary Policy Committee (MPC) decided to maintain the repo rate at 6.5 percent by a 4:2 majority. The central bank also retained its stance on ‘withdrawal of accommodation’ for the second bi-monthly monetary policy of the financial year 2024-25. Additionally, the standing deposit facility (SDF) and the marginal standing facility (MSF) rates were kept unchanged at 6.25 percent and 6.75 percent, respectively.
The RBI raised its GDP growth forecast for FY25 to 7.2 percent from the earlier 7 percent, following a robust expansion of 8.2 percent in FY24, surpassing analysts' expectations. The central bank maintained its inflation projection for 2024–2025 at 4.5 percent, with quarter-wise estimates of 4.9 percent for Q1, 3.8 percent for Q2, 4.6 percent for Q3, and 4.5 percent for Q4. Governor Das stated that "risks are evenly balanced."
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