RBI plans tighter digital wallet limits including ₹10,000 loading cap
The Reserve Bank of India (RBI) is planning some big changes for digital wallets.
If these draft rules go through, you will see tighter limits, like only ₹25,000 allowed for person-to-person transfers each month and a cash loading cap dropping to ₹10,000.
Minimum KYC wallets might get restricted to just paying for goods and services, cutting out peer-to-peer transfers.
Fintechs urge delay, cite interoperability concerns
Fintech companies are not thrilled and want the RBI to rethink or roll out these changes slowly; some are hoping for a delay of up to a year.
Wallet usage is still strong, with 695 million transactions worth over ₹22,000 crore in March alone.
But besides stricter rules, firms are worried about issues like cross-border restrictions and unclear UPI wallet interoperability that could make things trickier for users.