RBI caps upper limit of offline payment transaction at Rs 200

An offline payment means a transaction not requiring internet or telecommunication (telecom) connectivity to take effect

Setting the ball rolling on digital payments through the offline mode, the Reserve Bank of India (RBI) on Monday released a framework for such payments, wherein it stated that the upper limit of an offline payment transaction will be Rs 200, the overall limit Rs 2,000 on a payment instrument at any point in time until the balance in the account is replenished.

Offline payments can be made using any channel or instrument like cards, wallets, and mobile devices, the RBI had stated.

According to the RBI, an offline payment means a transaction not requiring internet or telecommunication (telecom) connectivity to take