If you use Wallet Card and Payment Card, then there is big news for you. The RBI has also allowed withdrawals up to Rs 10,000 every month to PPI holders (PPIs) with full KYC by non-banking units.
New Delhi. If you use Wallet Card and Payment Card, then there is big news for you. The RBI has also allowed withdrawals up to Rs 10,000 every month to PPI holders (PPIs) with full KYC by non-banking units. Also, the maximum amount limit has been doubled to Rs 2 lakh in such PPIs. The Reserve Bank of India (RBI) said that PPI i.e. payment card and wallet issuing institutions are allowed to use PPI holders through the authorized card network from March 31, 2022 to fully comply with KYC (Know Your Customer) rules. It will be mandatory to give. Know what is PPI?
PPIs are cards or products that already have a lump sum amount, and in lieu of that, the card holder can carry out other functions including purchase of essential goods and services, sending money and fund transfers without taking cash.
Know what RBI said?
RBI said in a circular that PPI holders should have complete KYC for PPI issuers fully through authorized card network (for PPI in the form of card) and UPI (for PPI in the form of electronic wallet) It will be mandatory to allow access from.
Maximum monthly limit of Rs 10,000 The
RBI also said that withdrawals by banks in India from the Point of Sale (PoS) terminal through debit cards and open system prepaid cards have been reduced to Rs 2,000 per transaction. The maximum monthly limit is Rs 10,000. Also, permission to use on any network will be mandatory at the level of acceptance. Explain that companies formed in India and registered under the Companies Law issue PPPI. After approval from RBI, the company can issue PPI and can operate it.
