Fully KYC verified wallet accounts can maintain balance of 2 Lakhs to operate for transfer and withdrawal transactions

GUIDELINES FOR PREPAID PAYMENT INSTRUMENT ISSUERS HAVE BEEN CHANGED BY RESERVE BANK OF INDIA

New Guidelines for PPI issuers been released and various electronic wallets amount  can be transferred from one issuer to other issuer starting from the year 2022, 31st March.  



Fully KYC verified wallets can  maintain  2 lakhs balance.  Amounts in the wallets can be used  for various transactions of payment and for the first time withdrawal of amounts too.

RBI tweaked the norms for non bank issuers to benefit the public who are now using wallet accounts mostly.

With the new guidelines shifting of funds within the wallets is possible along with the cash withdrawal in time of requirement.

A mandatory full KYC to be done by user of any wallets for enjoying the new RBI guidelines.   These guidelines are in favor of users of wallets.  

All the transaction of withdrawal of amount from wallets is to be provided to users with due respect and some restrictions are applicable to withdrawals are specially mentioned.

As per guidelines an amount of 10 K can be withdrawn in a month.  Transactions done to be authenticated with an OTP pin or any other secure method as PPI issuers think adequate. 

All banking norms shall be applicable to the PPI issuers too one the guidelines are in force. example of norms like setting up customer redressal mechanisms, Ombudsman scheme applicability, suitable cooling period for withdrawal of amounts from wallets, etc.,

RBI has rationalized some other withdrawal of cash limits as needed by the customers. 


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