Union Minister Ashwini Vaishnaw.
Credit: PTI Photo
New Delhi: Railway Minister Ashwini Vaishnaw on Wednesday said people who have deposited money in the e-wallet account of Indian Railway Catering and Tourism Corporation (IRCTC) can use it only for purchasing tickets and cannot withdraw it, but the money will be transferred back to the user's bank account once the e-wallet account is closed.
The IRCTC e-wallet account is a pre-payment under a closed system PPI (Prepaid Payment Instruments) category account, he said in a written reply in Lok Sabha.
“It has been decided by IRCTC that for existing and new E-Wallet users, IRCTC shall transfer back the E-Wallet balance proceeds to the user’s bank account at the time of closure of the E-Wallet account,” the Railway Minister added.
“As per extant RBI Guidelines, closed system PPI account issued by any entity facilitates the purchase of goods and services from that entity only. Also, cash withdrawals are not permitted from such accounts. The amount deposited in this account can be used only for the purchase of train tickets,” Vaishnaw said.