RBI Enhances Wallet Account Limit to 2 Lakh, Allows RTGS/NEFT Connectivity with Non-Bank Payment Operators


Reserve Bank of India (RBI) has decided to enhance the limit of maximum balance at end of the day from Rs 1 lakh to Rs 2 lakh per individual customer.

RBI has issued a press release based on a review of performance of payments banks and with a view to encourage their efforts for financial inclusion and to expand their ability to cater to the needs of their customers, including MSMEs, small traders and merchants.

Further, the RBI would now allow RTGS and NEFT connectivity with non-bank payment system operators, paving way for UPI interface.

It is proposed to enable, in a phased manner, payment system operators, regulated by the RBI, to take direct membership in CPSs. This facility is expected to minimise settlement risk in the financial system and enhance the reach of digital financial services to all user segments. These entities will, however, not be eligible for any liquidity facility from the RBI to facilitate settlement of their transactions in these CPSs.

However, necessary instructions and a circular in this regard shall be issued separately, as RBI said.

Click here for detailed official press release:

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