Prepaid Payment Instrument (PPI)
- Now Money kept in various online wallets like Amazon pay, Ola money, Mobikwik, Phone pe, Delhi Metro Card, etc. can be withdrawn using an ATM or Point of Sale Terminal.
- In a notification issued, the Reserve bank of India permitted cash withdrawal of Rs. 2,000 per transaction with a maximum limit of Rs. 10,000 per month.
- All non-bank Payment prepaid instruments can provide this service but, for such transactions using card or wallet PIN or other additional authentication will be mandatory.
- Till date RBI has permitted 37 Prepaid Payment Instruments (PPIs) in-country.
- Now maximum of two lakh rupees can be kept in various wallets after completion of full KYC.
- RBI has also asked all payment instruments providers to ensure interoperability by 31st of March next year.