RBI proposes safer rules for digital wallets and prepaid cards
Business
The Reserve Bank of India (RBI) is planning new rules to make digital wallets and prepaid cards safer and more user-friendly.
The focus is on better security, faster refunds for failed transactions, and clearer guidelines on who can issue these payment tools.
Feedback on these draft rules is open until May 22, 2026.
RBI proposes PPI balance limits
Banks permitted by the RBI to issue debit cards can issue PPIs after informing DPSS.
There are also new balance limits: general PPIs may hold up to ₹2 lakh, with monthly cash loads capped at ₹10,000; gift cards at ₹10,000; transit cards at ₹3,000.
NRIs and foreigners will need physical verification and face a ₹5 lakh monthly cap.
Overall, the changes aim to keep your money safer while making digital payments smoother.