MUMBAI (Reuters) - Reserve Bank of India (RBI) on Tuesday doubled the balance that can be kept in prepaid wallets and cards to 20,000 rupees ($292) to help small merchants get paid electronically after the government withdrew high value bills.
The Reserve Bank of India also said merchants can transfer up to 50,000 rupees per month from these so-called semi-closed prepaid payment instruments to their bank accounts.
The relaxation will be applicable until Dec. 30, the RBI said.
Indian businesses have been badly hit with buyers and sellers left with very little cash following the demonetisation.
($1 = 68.4500 Indian rupees)
Also Read
(Reporting by Suvashree Dey Choudhury and Devidutta Tripathy; Editing by Robin Pomeroy)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app