Money kept in various cash wallets can be withdrawn from ATM and PoS terminals soon, says RBI

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Apr 07, 2021

9:57PM

Money kept in various cash wallets can be withdrawn from ATM and PoS terminals soon, says RBI

AIR

Soon money kept in various cash wallets can be withdrawn from ATM and Point of Sale terminals. The Reserve Bank of India today announced this decision after a meeting of the Monetary Policy Committee's Meeting. Detailed instructions will be issued separately.

AIR Correspondent reports, at present Reserve Bank of India has permitted 35 prepaid payments instruments i.e. PPI. It includes Delhi Metro Card, Amazon Pay, Phonepe, Ola Money, Mobikwick wallet etc. Money can be loaded in these wallets, it can be transferred to another wallet or bank account or it can be used to make payment during online transactions. Soon money from these instruments can be withdrawn using an ATM. RBI’s governor has made this announcement after a meeting of the Monetary Policy Committee.

RBI has also proposed to make interoperability mandatory for full KYC PPI. Now balance in these wallets has been increased to 2 lakh from 1 lakh. Besides this, RBI also allowed these wallets, credit and prepaid cards to use RTGS and NEFT for money transfer.