RBI increases the limit for Full-KYC PPIs to Rs 2 lakh from Rs 1 lakh

Current GK ( Master) Banking Awareness

The Reserve Bank of India has increased the maximum amount outstanding in respect of full-KYC PPIs (KYC-compliant PPIs) from Rs. 1 lakh to Rs. 2 lakh.
Apart from this, RBI has instructed the PPI isuers to give the holders of full-KYC PPIs (KYC-compliant PPIs) interoperability latest by March 31, 2022.
The PPI issuers will have to provide interoperability through authorised card networks (for PPIs in the form of cards) and UPI (for PPIs in the form of electronic wallets). Interoperability shall be mandatory on the acceptance side as well.
PPIs for Mass Transit Systems (PPI-MTS) shall remain exempted from interoperability. It will be optional for Gift PPI issuers have the option of interoperability.
RBI has also permitted cash withdrawal from Full-KYC PPIs of Non-Bank PPI Issuers. The condition on such cash withdrawal shall be:
Maximum limit of Rs. 2,000 per transaction with an overall limit of Rs. 10,000 per month per PPI.
All cash withdrawal transactions performed using a card / wallet, shall be authenticated by an Additional Factor of Authentication (AFA) / PIN;
RBI has increased the limit of cash withdrawal from Points of Sale (PoS) terminals using debit cards and open system prepaid cards (issued by banks) to Rs 2000 per transaction within an overall monthly limit of Rs. 10,000 across all locations (Tier 1 to 6 centres). Earlier this limit was Rs 1000 for Tier 1 and 2 cities while Rs 2000 for Tier 3 to 6 cities.