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

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.

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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.