RBI proposes revised digital wallet rules to strengthen user protections
The Reserve Bank of India (RBI) is looking to update the rules for digital wallets like Paytm and PhonePe.
The new draft, out for feedback, aims to make your transactions more secure and protect users better.
If these changes go through, they'll replace the current 2021 guidelines that millions rely on every day.
Wallet caps proposed: ₹2L, ₹25k, ₹10k
Key proposals include capping wallet spending at ₹2 lakh a month, limiting peer-to-peer transfers to ₹25,000, and restricting cash loading to ₹10,000 per month.
Wallets with full KYC would need to work smoothly with UPI or card networks so you can pay anyone, anywhere.
The RBI also wants stricter security checks and easier ways to resolve complaints.
While these moves are meant for safety and smoother payments, some experts worry they could make life tougher for small merchants, gig workers, or semi-urban and rural users transitioning from cash-heavy behavior.
Feedback on these changes is open through May 22.