RBI to Increase Spending Limit on E-wallets
Aug 06, 2015: In the recent days, the trend of making a transaction through e-wallet has seen the tremendous growth. The Central Bank (RBI) will now increase the limit on e-wallets which is a great utility to the customer to make online payments.
An e-wallet works like credit debit card for making secure online transactions. The demand was always there to raise the maximum limit on the wallet as we are living in the age of technology.
RBI deputy governor HR Khan told, "E-wallet is something that is catching on very fast, and we are constantly reviewing that and it will get a push once payment banks come, and then certainly we will review the process to see how it's going".
As per the existing norms of RBI, one needs to disclose the mobile number and e-mail id to keep Rs.10,000 in an e-wallet. The amount more than 10,000 needs the user to comply with KYC norms. Many banks had come forward and joined wallet companies like Paytm, which is available on multiple smartphone platforms.
If someone is having the mobile wallet of banks, then there is no limit or cap. However, for others who were already expecting and waiting for this hike, received the good the news.