RBI proposes special wallets for foreigners, transit & gifts

RBI proposed a new category of prepaid payment instruments (PPIs) to introduce special-use wallets for domestic transit, gifts, and transactions by foreign nationals or NRIs in India. PPIs are digital wallets allowing users to load money and make payments. They are divided into full-KYC wallets and small wallets categories, having monthly transaction limits of ₹2 lakh and ₹10,000, respectively.