Paytm requests RBI to raise cash limit for mobile wallets

Mobile wallet Paytm has requested the Reserve Bank of India (RBI) to raise the limit on money that can be kept in a mobile wallet from Rs 10,000 to Rs 25,000.

Under the existing RBI norms, only mobile number and e-mail id verification is required  to hold upto Rs 10,000 in a mobile wallet. For a higher amount, a full know your customer (KYC) background check is mandatory.

According to Paytm, about half a million customers spend more than Rs 10,000 through its mobile wallet.