Money in various cash wallets can be withdrawn from ATM and PoS terminals soon


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The Reserve Bank of India announced that soon money kept in various cash wallets can be withdrawn from ATM and Point of Sale terminals. Detailed instructions will be issued separately. At present Reserve Bank of India has permitted 35 prepaid payments instruments i.e. PPI. It includes Delhi Metro Card, Amazon Pay, Phonepe, Ola Money, Mobikwick wallet etc. Money can be loaded in these wallets, it can be transferred to another wallet or bank account or it can be used to make payment during online transactions. Soon money from these instruments can be withdrawn using an ATM. 

RBI has also proposed to make interoperability mandatory for full KYC PPI. Now balance in these wallets has been increased to 2 lakh from 1 lakh. Besides this, RBI also allowed these wallets, credit and prepaid cards to use RTGS and NEFT for money transfer.

also read : Government withdraws the decision to reduce the interest rates of small savings schemes

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