RBI doubles balance limit for digital wallets to help merchants

RBI doubles balance limit for digital wallets to help merchants

Last Updated: Wed, Nov 23, 2016 09:55 hrs
The Reserve Bank of India logo is pictured outside its head office in Mumbai

MUMBAI  - Reserve Bank of India (RBI) on Tuesday doubled the balance that can be kept in prepaid wallets and cards to 20,000 rupees ($292) to help small merchants get paid electronically after the government withdrew high value bills.

The Reserve Bank of India also said merchants can transfer up to 50,000 rupees per month from these so-called semi-closed prepaid payment instruments to their bank accounts.

The relaxation will be applicable until Dec. 30, the RBI said.

Indian businesses have been badly hit with buyers and sellers left with very little cash following the demonetisation.

($1 = 68.4500 Indian rupees)




More from Sify: