UPSC Articles
Money Withdrawal from online wallets through ATM permitted
Part of: GS Prelims and GS -III – Economy
In news
- 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 can be withdrawn using an ATM or Point of Sale Terminal.
Key takeaways
- 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).
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