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RBI hikes UPI lite and 123 limits, warns NBFCs against unsustainable, aggressive growth

YourStory · 13d

- RBI increases UPI Lite wallet limit to Rs 5,000 and per-transaction limit to Rs 1,000. - Beneficiary account name look-up facility introduced for RTGS and NEFT systems to verify the name of the recipient before funds transfer. - RBI to create the 'Reserve Bank Climate Risk Information System' (RB-CRIS) to address climate change risks to the financial system. - Warning issued by RBI Governor to NBFCs pursuing unsustainable practices, emphasizing compliance, risk management, fair practices, and customer grievances. - Concern expressed over aggressive growth by NBFCs without sustainable business practices and risk management frameworks. - RBI Governor advises NBFCs to review staff compensation practices, variable pay, and incentive structures to promote a healthy work culture and better customer service.