People who have deposited money in the e-wallet account of Indian Railway Catering and Tourism Corporation (IRCTC) can use it only for purchasing tickets and cannot withdraw it, but the money will be transferred back to the user's bank account once the e-wallet account is closed.
Railway Minister Ashwini Vaishnaw stated this in the Lok Sabha on Wednesday in a written reply to questions raised by BJP MP Janardan Singh Sigriwal.
The MP had asked if there was any proposal to provide a withdrawal facility of funds deposited in the IRCTC e-wallet to users' accounts or original sources through which it is credited so that the money does not get stuck for a long time and can be used elsewhere.
"Whether the government proposes to provide interest benefits to consumer on the idle amount lying in their e-wallet and if so, the details thereof?" asked Sigriwal.
Vaishnaw said that the Indian Railway Catering and Tourism Corporation (IRCTC) E-Wallet account is a pre-payment under a closed system PPI (Prepaid Payment Instruments) category account.
"As per extant RBI Guidelines, a closed system PPI account issued by any entity facilitates the purchase of goods and services from that entity only. Also, cash withdrawals are not permitted from such accounts. The amount deposited in this account can be used only for the purchase of train tickets," Vaishnaw said.
"It has been decided by IRCTC that for existing and new E-Wallet users, IRCTC shall transfer back the E-Wallet balance proceeds to the user's bank account at the time of closure of the E-Wallet account," the Railway Minister added.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
