Money kept in various cash wallets can be withdrawn from ATM

Now Money kept in various online wallets like Amazon pay, Ola money, Mobikwik, Phone pe, Delhi Metro Card etc. can be withdrawn using an ATM or Point of Sale Terminal.

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In a notification issued, Reserve bank of India permitted cash withdrawal of Rs. 2,000 per transaction with maximum limit of Rs. 10,000 per month.

All non-bank Payment prepaid instruments can provide this service. But, for such transaction using card or wallet PIN or other additional authentication will be mandatory.

Till date RBI has permitted 37 Prepaid Payment Instruments (PPIs) in country. Now maximum two lakh rupee can be kept in various wallets after completion of full KYC.

RBI has also asked all payment instruments providers to ensure interoperability by 31st of March next year.