RBI enhances transactions limits for small value digital payments to ₹500.: RBI has announced to enhance transaction limits for small value digital payments in offline mode to ₹500 from the earlier cap of ₹200.
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Aim: To enable faster, more reliable, and contactless payments for everyday small value purchases, transit payments, and so on by eliminating the need for two-factor verification for small value transactions.
This effectively means that transacting parties can carry out digital transactions amounting to ₹500 each in the offline mode.