This Article is From Nov 22, 2016

RBI Doubles Balance Limit For Digital Wallets To Help Merchants

RBI Doubles Balance Limit For Digital Wallets To Help Merchants

Buyers and sellers are left with very little cash following the demonetisation.

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

The central bank also said merchants can transfer up to Rs 50,000 per month from these so-called semi-closed prepaid payment instruments to their bank accounts.

The relaxation will be applicable until December 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)
© Thomson Reuters 2016