RBI draft wallet curbs threaten fintech growth; Paytm, Mobikwik face redraw of strategy
RBI's proposed PPI rules cap P2P transfers at ₹25,000/month, cash loading at ₹10,000, and wallet balances at ₹2 lakh, pressuring fintechs that processed 695M transactions worth ₹22,448 crore. Industry, led by Paytm and Mobikwik with 110M active users, is lobbying for phased rollout.
RBI's draft wallet rules cap P2P transfers at ₹25,000/month, cash loading at ₹10,000, and balances at ₹2 lakh, threatening fintech wallet growth. Mobikwik and Paytm face headwinds; industry seeks phased rollout and consultations before finalisation.
Why this matters
Follows RBI's broader payments recalibration, including its move to widen the e-Rupee CBDC pilot across cross-border, welfare, and retail merchant rails, signaling tighter wallet oversight alongside CBDC expansion.
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