Relaxing the norms for payments through mobile phones, known as m-wallets, the Reserve Bank of India on Wednesday increased the money-loading limit from the current Rs 5,000 to Rs 50,000.
“The maximum value of such prepaid semi-closed m-wallets shall not exceed Rs 50,000,” said an RBI notification. Leading mobile operators Bharti Airtel and Vodafone had tied up with State Bank of India and ICICI Bank, respectively, to offer such facilities to their subscribers.
The central bank also decided to treat semi-closed mobile wallets on a par with other semi-closed prepaid instruments. In a semi-closed mobile wallet, money can be loaded into one’s mobile phone from a licensed company, and can be used to make payments. However, it can’t be used to withdraw money.
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