RBI drafts wallet transfer cap, cuts cash loading limit
The Reserve Bank of India just dropped draft rules that could shake up how we use digital wallets.
They want to cap wallet-to-wallet transfers at ₹25,000 per month and cut the cash loading limit from ₹50,000 to ₹10,000.
Industry insiders say these changes could make it harder for people to send money home and might shrink business for payment apps.
Payments Council urges RBI delay rollout
Industry participants from the Payments Council of India are asking the RBI to rethink or delay the rollout by six to 12 months, saying the sector is already facing revenue challenges.
Even with concerns, wallet usage is still climbing: March saw 695 million transactions worth over ₹22,400 crore.
The stricter rules may be the RBI's way of tackling fraud and misuse in digital payments.
There's also talk about pending UPI wallet interoperability that could add more uncertainty for payment platforms.