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.
MORE ON MARKETS:
Copyrights © 2020 Business Standard Private Ltd. All rights reserved.
Upgrade To Premium Services
Business Standard is happy to inform you of the launch of "Business Standard Premium Services"
As a premium subscriber you get an across device unfettered access to a range of services which include:
- Access Exclusive content - articles, features & opinion pieces
- Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
- Access to 17 plus years of content archives
- Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
- End of day news alerts on 5 companies (via email)
- NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
In Partnership with
Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.
Team Business Standard