Money Withdrawal from online wallets through ATM permitted
Part of: GS Prelims and GS -III – Economy
- Now Money kept in various online wallets like Amazon pay, Ola money, Mobikwik, Phone pe, Delhi Metro Card etc. can be withdrawn using an ATM or Point of Sale Terminal.
- RBI has permitted cash withdrawal of Rs. 2,000 per transaction with maximum limit of Rs. 10,000 per month.
- All non-bank Payment prepaid instruments can provide this service.
- Till date, RBI has permitted 37 Prepaid Payment Instruments (PPIs) in country.
- Maximum two lakh rupees can be kept in various wallets after completion of full KYC.
- All PPIs have to ensure interoperability by 31st March 2022
Important value additions
- PPIs help facilitate the purchase of goods and services, including financial services, remittances and fund transfers against the value stored on such instruments.
- These instruments are generally pre-loaded cards.
- Examples: Paytm and GPay (semi-closed system PPIs), gift cards (closed system PPIs) and debit or credit cards (open system PPIs).