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Demonetisation: RBI doubles balance limit for digital wallets to help merchants

The relaxation will be applicable until Dec. 30, the RBI said

Reuters  |  Mumbai 

The Indian central bank on Tuesday doubled the balance that can be kept in prepaid wallets and cards to Rs 20,000 to help small merchants get paid electronically after the government withdrew high value bills. The Reserve Bank of India (RBI) also said merchants can transfer up to Rs 50,000 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.

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First Published: Wed, November 23 2016. 03:44 IST