RBI caps mobile wallet balances at ₹2L to curb gambling
The Reserve Bank of India, or RBI, has rolled out tighter rules for mobile wallets since April.
Now, you can't keep more than ₹2 lakh in your wallet, send over ₹25,000 a month to friends, or load more than ₹10,000 in cash each month.
The goal? To crack down on illegal betting and gambling that sneak through wallet transactions.
Wallet providers urge RBI rethink limits
An unnamed wallet provider says these limits could make it tough to stay profitable after all their investments in know-your-customer (KYC) and merchant onboarding.
At a recent meeting, many worried about losing customers and rising costs.
Stakeholders are urging the RBI to rethink the guidelines, pointing out that shady transactions also happen via Unified Payments Interface (UPI) and banks, not just wallets, and warning that strict limits could hurt financial inclusion efforts.