The limit of these PPIs have been also increased to Rs 20,000, which was Rs 10,000 initially and now the balance cannot cross the new limit at any point of time in a particular month. However, the PPIs can now transfer an amount up to Rs 50,000 to their linked bank accounts per month, without any per transaction limit. But, the merchants have to provide a self-declaration in respect of their status and details of their bank accounts.
The other regulations of PPIs remain unchanged and full KYC PPIs with balance upto Rs 1,00,000 can continue to be made available by authorised PPI issuers. These measures are effective from Nov 22 and it will continue to persist till December 30 subject to review by RBI.
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According to the circular issued by RBI, following are the measures adopted to improve the overall digital transaction system: –
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For Merchants: –
