Paytm asks RBI to increase mobile wallet limit
MUMBAI: One97 Communications, owner of Paytm, the country's largest mobile wallet, has asked Reserve Bank of India (RBI) to hike the limit on money that can be kept in a mobile wallet to Rs 25,000 from Rs 10,000, people with knowledge of the development said. Over 85 million people now use Paytm mobile wallet for transactions worth Rs 700 crore every month. Credit and debit cards issued by all banks saw 150 million transactions in March 2015 (the latest month for which these figures are available). The comparable figures for the same month for Paytm were 75 million, founder and chairman Vijay Shekhar Sharma said, confirming the request made to the RBI. "RBI set the Rs 10,000 limit some years ago. We believe that the right limit today could be Rs 25,000," Sharma told ET. In major metros and large cities, where cost of living and mobile penetration are high, customers are crossing the Rs 10,000 limit set by the RBI. Under the existing RBI norms, ...