RBI has given good news to Wallet and payment card users like Paytm Phonepe

The RBI has also allowed withdrawals up to Rs 10,000 every month to PPI holders with full KYC by non-banking units.

The Reserve Bank of India (RBI) has good news for payment card and wallet users. The RBI has also allowed withdrawals up to Rs 10,000 every month to PPI holders with full KYC by non-banking units. Also, the maximum amount limit has been doubled to Rs 2 lakh in such PPIs. That is, now you can keep up to 2 lakh rupees in the wallet. Along with this, the RBI has mandated prepaid payment instrument (PPIs) ie payment card and wallet issuing institutions to use PPI holders through authorized card network from 31 March 2022, who have completed their KYC.

RBI said in a circular, PPI holders should be fully KYC for PPI issuers, through authorized card network (for PPI in the form of card) and UPI (for PPI in the form of electronic wallet) It will be mandatory to allow access from. The RBI has said, this facility will come into effect from March 2022.