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Considering the recent demonetization effect and the enormous cash crunch after the introduction of ban on Rs. 500 and Rs. 1,000 notes, businesses for e-wallets including Paytm, Freecharge, MobiKwik and more have splurged up at a massive scale.
With the aim to grow the business for these digital wallets and make India go digital, RBI has supposedly doubled the balance limits of the wallets from Rs. 10,000 to Rs. 20,000, giving a sign of relief to the commoners.
So, just in case if you are using any of these digital wallets to run your everyday livelihood, check out the new offers that you should avail. Here are all that you need to know about the wallets after the new announcement by RBI.
Good News For E-Wallet Users
After the ban on the high denominations, people have been more dependent on digital wallets, thanks to limited or no cash, and also the cashless ATMs. To combat this issue, RBI has announced to increase the wallet limit to 20,000, which is nearly double the previous limit of Rs. 10,000.
Transfer Rs. 50,000 per Month
Along with the e-wallet balance limit, the user can also get an additional benefit of transferring up to Rs. 50,000 per month to their bank accounts, without any limit per transaction.
Valid Until the End of This Year
The good news for the digital wallet users to save up to Rs. 20,000 in their wallets and transfer up to Rs. 50,000 per month is valid until the end of this year. About the next year, no such initiatives have been unveiled yet.
Key Aspect Behind the Initiative
As per a recent report, Freecharge asserted that the doubling of limits will be extremely beneficial for the users and small merchants to shift more of their cash transactions to digital wallets, and build a cashless India. In another statement, MobiKwik exclaimed that this decision by RBI will accelerate the adoption of mobile wallets in the country and ease the challenges being faced by the common man and local shopkeepers due to cash crunch.
E-wallet Market To Touch Rs 30,000 Crore By 2022
Going by some reports, the e-wallet market of India is expected to experience a swift annual growth rate of 141 percent and will reach Rs. 30,000 crore by the end of 2021-22. These steps taken up by RBI will add up to the move to make India depend more of digital transactions than on cash.