Therefore, RBI was asked to increase the limit to USD 393 from USD 157. Under the existing RBI norms, only a minimum know your customer (KYC) of the mobile number and e-mail ID verification is sufficient to hold USD 157 in a mobile wallet. For anything higher, a full KYC, similar to what is required for opening of a bank account, is mandatory. One97 Communications, which has investment from the Alibaba group, is also building a mobile marketplace and aims to have half a billion Indians on the Paytm platform before 2020, Times of India reports.
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