There have been demands for increasing the transaction limits. Increasing transaction limits by compromising on the KYC would be a risky proposition given its susceptibility to money laundering. As you will be aware increase in transaction limits will need proportionate increase in safety and security of transactions as applicable to other card schemes in the form of an additional factor of authentication.
The industry needs to deliberate more actively on this issue and we as a regulator would be willing to act as a catalyst in the process. Creating awareness – is the industry doing enough to increase the use of alternate payment channels? I am asked why a customer will buy a PPI and block up to Rs.50,000/– without earning interest.