RBI doubles prepaid payment instruments limit to Rs 20,000

RBI has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed PPIs.

PTI November 23, 2016 08:19:00 IST
RBI doubles prepaid payment instruments limit to Rs 20,000

Mumbai: With the public facing cash crunch, RBI yesterday introduced special dispensation for small merchants and doubled the limit of semi-closed Prepaid Payment Instruments (PPIs) to Rs 20,000 to facilitate digital transactions.

RBI doubles prepaid payment instruments limit to Rs 20000

Representational image. Reuters

To meet the transactional needs of the public through digital means, RBI has introduced additional measures by way of special dispensation for small merchants and enhancement in limits for semi-closed PPIs.

A special dispensation has now been enabled for small merchants whereby the issuers can issue PPIs to such merchants, the central bank said.

While balance in such PPIs cannot exceed Rs 20,000 at any point of time, the merchants can transfer funds from such PPIs to their own linked bank accounts up to Rs 50,000 per month, without any limit per transaction.

Merchants only need to provide a self-declaration in respect of their status and details of their bank accounts.

"The limit of semi-closed PPIs issued with minimum details has been enhanced to Rs 20,000 from the existing Rs 10,000. The total value of reloads during any given month has also been enhanced to Rs 20,000," RBI said.

Full KYC PPIs with balance up to Rs 1,00,000 can continue to be made available by authorised PPI issuers, it added. The measures will be effective November 21 till December 30.

The earlier PPI guidelines did not specifically provide for opening of PPIs for such merchants as a separate category and the limit for semi-closed PPIs issued with minimum details was Rs 10,000.

Updated Date:

also read

Petrol and diesel prices today on 15 October 2021: Fuel rates at record high, check here
India

Petrol and diesel prices today on 15 October 2021: Fuel rates at record high, check here

Petrol and diesel prices: Petrol price in Delhi stands at Rs 105.14 per litre while diesel is available for Rs 93.87. In Mumbai, petrol is retailing at Rs 111.09 while diesel costs Rs 101.78

Petrol and diesel prices today on 12 October 2021: Rates remain unchanged after a week
India

Petrol and diesel prices today on 12 October 2021: Rates remain unchanged after a week

Petrol and diesel prices: Petrol price in Delhi stands at Rs 104.44 per litre while diesel is available for Rs 93.17. In Mumbai, petrol is retailing at Rs 110.41 while diesel costs Rs 101.03

Petrol and diesel prices today on 13 October 2021: Rates remain constant, check here
India

Petrol and diesel prices today on 13 October 2021: Rates remain constant, check here

Petrol and diesel prices: Petrol price in Delhi stands at Rs 104.44 per litre while diesel is available for Rs 93.17. In Mumbai, petrol is retailing at Rs 110.41 while diesel costs Rs 101.03