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  Business   Economy  23 Nov 2016  Note ban: RBI doubles monthly limit for e-wallets

Note ban: RBI doubles monthly limit for e-wallets

REUTERS
Published : Nov 23, 2016, 8:09 am IST
Updated : Nov 23, 2016, 9:04 am IST

The Reserve Bank of India also said merchants can transfer up to 50,000 rupees per month.

Indian businesses have been badly hit with buyers and sellers left with very little cash following the demonetisation. (Photo: PTI)
 Indian businesses have been badly hit with buyers and sellers left with very little cash following the demonetisation. (Photo: PTI)

New Delhi: The Indian central bank on Tuesday doubled the balance that can be kept in prepaid wallets and cards to 20,000 rupees ($292) to help small merchants get paid electronically after the government withdrew high value bills.

The Reserve Bank of India also said merchants can transfer up to 50,000 rupees 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.

Tags: reserve bank of india, digital wallets, card payment, small merchant
Location: India, Delhi, New Delhi