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RBI increases monthly wallet limit from Rs. 10,000 to 20,000

The government of India’s demonetisation drive has come as a boost for mobile wallet players like Paytm, MobiKwik, FreeCharge and others. 
●    Now RBI has increased the monthly wallet limit for users to Rs 20,000 from the earlier Rs 10,000 and to Rs 50,000 for merchants. 
●    The move is being hailed by wallet players as one that will help out users and sellers who have adopted these wallets due to the demonetisation move.
●    In a circular dated November 22, RBI has said it will increase “enhancement in issuance limits for Pre-Paid Payment Instruments (PPIs) in India,” along with special measures for merchants. 
●    While earlier the limit for mobile wallets was Rs 10,000 for non-eKYC compliant account, it has now been increased to Rs 20,000. 
●    RBI’s circular says “The total value of reloads during any given month shall also not exceed 20,000,” which means per month people can upload up to Rs 20,000 in their mobile wallets.

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