UPI LITE is a new payment solution that leverages the trusted NPCI Common Library (CL) application to process low value transactions that have been set at below ₹ 500. The solution runs off existing UPI ecosystem protocols for mobile phones to ensure commonality, compliance and system acceptance. UPI LITE experience is intended to be a customer-friendly approach to enabling low value transactions without utilizing a Remitter bank’s core banking systems in real-time, while providing adequate risk mitigation.
To enable UPI LITE
For making seamless transactions via UPI LITE
UPI LITE balance should be treated equivalent to cash and the user will be responsible for the balance loaded in LITE account. In case user changes the mobile device, user should disable the LITE account from old mobile device & then enable a new LITE account on the new mobile device. This shall ensure that the LITE balance lying in the older mobile LITE account is pushed back to user account.
In case user lost the device with the active LITE account and balance, user can approach their Bank for refund of balance in the bank account. Bank may perform necessary checks; post which bank may refund money to the user’s bank account .It should be noted that LITE balance will not be fetched in new mobile device if user changes the mobile device .
Also, in case user wants to change the mobile number linked with UPI, user should must disable the LITE account before changing the mobile number.
|Sr. No.||Bank Name|
|1||AU small Finance Bank|
|2||Axis Bank Ltd|
|3||Bank of Baroda|
|4||Bank of India|
|6||Central Bank of India|
|7||Equitas small finance bank|
|9||Fincare Small Finance Bank Ltd|
|13||Indian Overseas Bank|
|15||Kotak Mahindra Bank|
|16||Paytm Payments Bank|
|17||Punjab and Sind Bank|
|18||Punjab National Bank|
|20||State Bank Of India|
|21||Tamilnad Mercantile Bank|
|23||Union Bank of India|
|24||Utkarsh Small Finance Bank|