Paytm requests increase in amount of mobile wallet
Q. Which online payment website that has requested Reserve Bank of India (RBI) to increase limit on money that can be kept in a mobile wallet to Rs. 25,000?- Published on 25 Jul 15
Under the existing RBI norms, only a minimum know your customer (KYC) of the mobile number and e-mail ID verification is sufficient to hold Rs. 10,000 in a mobile wallet. For anything higher, a full KYC, similar to what is required for opening of a bank account, is mandatory. This maximum cash limit of Rs. 10,000 was set by the RBI some years ago.