CURRENT AFFAIRS

Detailed explanation-1: -UPI Lite feature has been enabled on the BHIM app, NPCI said. At present, these eight banks including Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India Union Bank of India, and Utkarsh Small Finance Bank are live with the UPI Lite feature.

Detailed explanation-2: -Explanation: National Payments Corporation of India has rolled out the “UPI Lite - On-Device Wallet” functionality for UPI users for small amounts transactions.

Detailed explanation-3: -Do note that UPI Lite has been designed for low-value transactions. So, the upper limit for UPI Lite transactions is Rs 200. Users don’t need a UPI PIN for payments below Rs 200 via UPI Lite, as per the NPCI website. The total limit of UPI Lite balance for an on-device wallet will be Rs 2,000 at any point in time.

Detailed explanation-4: -Founded in 2010, Paytm is another leading digital wallets and upi apps in India. Paytm app facilitates users a bank to bank transfer via BHIM UPI and also enables them to instantly pay at online & offline stores.

Detailed explanation-5: -In September last year, Reserve Bank of India governor Shaktikanta Das launched UPI Lite to make low-value UPI payments faster and simpler. UPI Lite is an on-device wallet feature that will allow users to make real-time small-value payments of up to Rs 200 without using a UPI PIN.