RBI Increases Wallet Limit to Rs. 20,000 Till Dec 30th

The above measures will be effective from November 21, 2016 till December 30, 2016, subject to review.

RBI has increased wallet limit to Rs 20,000 for users and to Rs 50,000 for merchant bank transfers.

A special dispensation has now been enabled for small merchants whereby PPIs (Prepaid Payment Instruments) issuers can issue PPIs to such merchants.

While balance in such PPIs cannot exceed Rs. 20,000/- at any point of time, the merchants can transfer funds from such PPIs to their own linked bank accounts upto Rs. 50,000/- per month, without any limit per transaction.

Merchants only need to provide a self-declaration in respect of their status and details of their bank account.

payment-wallet-2

The limit of semi-closed PPIs issued with minimum details has been enhanced to Rs. 20,000/- from the existing Rs 10,000/-. The total value of reloads during any given month has also been enhanced to Rs 20,000/-.

Note : The above measures will be effective from November 21, 2016 till December 30, 2016, subject to review.

Sign Up for Our Newsletters

Get smarter with most important stories.

You May Also Like