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<ul><li>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> has increased the <keyword id="21970492" type="General" weightage="100" keywordseo="UPI-Lite-wallet" source="keywords">UPI Lite wallet</keyword> limit to ₹5,000.</li><li>The per-transaction limit has also been increased to ₹1,000 from the current ₹500.</li><li>The central bank has announced a beneficiary account name look-up facility for RTGS and NEFT.</li></ul>The Reserve Bank on Wednesday announced the increase of the <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> Lite wallet limit to ₹5,000 and per-transaction limit to ₹1,000, to encourage wider adoption of <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> A limit of ₹500 per transaction and an overall limit of ₹2,000 per UPI Lite wallet is applicable currently. With this, the per <keyword id="22340760" type="General" weightage="20" keywordseo="transaction-limit" source="keywords">transaction limit</keyword> has been doubled and the overall limit has been increased 2.5 times. At the bi-monthly monetary policy meeting, the central bank Governor <keyword id="19913110" type="General" weightage="20" keywordseo="Shaktikanta-Das" source="keywords">Shaktikanta Das</keyword> also said the per-transaction limit in <keyword id="23485380" type="General" weightage="20" keywordseo="UPI123Pay" source="keywords">UPI123Pay</keyword> will be increased to ₹10,000 from the existing ₹5,000. For those unaware, UPI123 was launched in March 2022, to enable feature-phone users to use UPI. This facility is now available in 12 languages. The governor also announced a beneficiary account name look-up facility for Real Time Gross Settlement System (RTGS) and National Electronic Funds Transfer (NEFT) systems. Payment Systems like UPI and IMPS provide a facility for the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction. There have been requests to introduce such a facility for RTGS and NEFT systems, the Governor said. "Accordingly, to enable remitters in RTGS and NEFT to verify the name of the beneficiary account holder before initiating funds transfer, it is now proposed to introduce a 'beneficiary account name look-up facility'," he said. As part of this, remitters can input the account number and the branch IFSC code of the beneficiary, following which the name of the beneficiary will be displayed. This facility is aimed at increasing customer confidence and reducing the possibility of wrong credits and fraud. The Central Bank will also create a 'Reserve Bank Climate Risk Information System (RB-CRIS)' amid climate change emerging as one of the significant risks to the financial system. Das said it is crucial for regulated entities to undertake climate risk assessments to ensure the stability of their balance sheets and that of the financial system. Such an assessment requires, among other things, high-quality data relating to local climate scenarios, climate forecasts, and emissions, he said. The available climate-related data is characterised by various gaps such as fragmented and varied sources, differing formats, frequencies and units. To bridge these gaps, Das said the Reserve Bank proposes to create a data repository – RB-CRIS, comprising two parts. The first part will be a web-based directory, listing various data sources, (meteorological, geospatial, etc.) which will be publicly accessible on the RBI website. The second part will be a data portal consisting of datasets (processed data in standardised formats). With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/byd-emax-7-electric-mpv-launched-in-india-starting-at-26-9-lakh/slidelist/114046121.cms">BYD eMax 7 electric MPV launched in India starting at ₹26.9 lakh</a> <a href="https://www.businessinsider.in/personal-finance/news/heres-how-a-reddit-user-was-able-to-get-an-iphone-16-at-under-27000/articleshow/114035179.cms">Here’s how a Reddit user was able to get an iPhone 16 at under ₹27,000</a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-swiggy-ather-upcoming-large-ipos-in-india/slidelist/114014140.cms">Hyundai To Swiggy: Everyone wants to cash in on the IPO bonanza</a>

UPI Lite wallet limit and transaction limits for feature phone users increased

<div class="KonaFilter image-container float_right click-to-enlarge" style="width:400px"><div class="image"><a title_source="BI Intelligence" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5424803c6bb3f78c719d91d6-960/iot-%20sensors%20forecast.png"></a>BI Intelligence</div></div>The Internet of Things is on track to be an absolutely huge market. 
<a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">BI Intelligence</a> predicts that by 2019:
<ul>
<li>IoT device shipments will reach 6.7 billion.</li>
<li>Revenues from devices, services, and software will reach $600 billion.</li>
<li>A massive $1.7 trillion of value will be added to the economy in the form of revenues and efficiency cost savings.</li>
</ul>
<a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">A new report from BI Intelligence finds that there are four key elements that are driving the explosion in the IoT.</a> The report also provides <a href="http://www.businessinsider.com/how-the-internet-of-things-market-will-grow-2014-10">downloadable charts, forecasts, and analysis on how the IoT market will develop over three main sectors</a> - home, government/infrastructure, and enterprise.
<a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Access The Full Report By Signing Up For A Free Trial&gt;&gt;</a>
Here are the four important factors propelling the IoT forward: 
<ul>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">The cost of internet-connected sensors is coming down: </a>Many IoT devices rely on multiple sensors to monitor the environment around them. The cost of these sensors declined 50% in the past decade, according to Goldman Sachs. We expect prices to continue dropping at a steady rate, leading to an even more cost-effective sensor.</li>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">A lot more money is being poured into the IoT:</a> Large companies like Dell have begun to aggressively open IoT divisions and innovation labs. There have also been a range of IoT acquisitions including Google acquiring Nest and Intel acquiring Basis. In addition, innovative IoT startups, such as IoT cloud-platform provider Electric Imp and smart plug maker Zuli, have received a combined $70 million in funding just this summer.</li>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Expanded internet connectivity:</a> The International Telecommunication Union (ITU) estimates that currently 40% of the global population is connected to the internet and by 2019, roughly 57% will be connected. This increase in connectivity will lead to a larger base of individuals interested in purchasing IoT devices.</li>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">High adoption of "remotes," especially smartphones, phablets and tablets:</a> The IoT is heavily reliant on "remotes," primarily smartphones and tablets that can manage the IoT. Today, smartphones account for 69% of mobile phones sold globally, and their share is still rising as developing nations introduce better wireless infrastructure. </li>
</ul>
In full, the report:
<ul>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Defines what devices we include in the IoT and how the devices will be controlled</a></li>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Forecasts the potential size of the IoT by 2019 in terms of revenue, number of devices, and value-added to the economy </a></li>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Examines why factors including the drop in sensor prices, increases in internet penetration, and current sales of smartphones and tablets are the drivers of rapid IoT growth</a></li>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Looks at how the home, government, and enterprise sectors use the IoT differently, and lists possible future uses</a></li>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Identifies the major consortia of IoT companies and examines what they are doing to help drive IoT growth</a></li>
<li><a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Compares our device estimates to those of other research firms</a> </li>
</ul>
For full access to all BI Intelligence reports, briefs, and downloadable charts on the <a href="https://intelligence.businessinsider.com/the-internet-of-things-is-rising-examining-the-internet-of-things-2014-9?utm_source=House&amp;utm_medium=Edit&amp;utm_term=I-HUGEIoT-2014-10-14&amp;utm_content=link&amp;utm_campaign=BIIMobile" onclick="this.href = this.href + '-' + window.location.search.substr(1).replace(/\&amp;|\=/g, '-');">Internet of Things</a> and mobile computing markets, sign up for a free trial. 
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="BI Intelligence" title_caption="Growth in the Internet of Things will peak in 2015" class="zoomin" href="https://static-ssl.businessinsider.com/image/54356a3f6bb3f7e93906f08f-960/iot devices by sector-1.png"></a>BI IntelligenceGrowth in the Internet of Things will peak in 2015</div></div></div>

Here Are The Four Key Elements That Will Make The 'Internet Of Things' An Absolutely Massive Market

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UPI Lite wallet limit and transaction limits for feature phone users increased

BI India Bureau

Here Are The Four Key Elements That Will Make The 'Internet Of Things' An Absolutely Massive Market

John Greenough

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