RBI Issues Fresh Master Directions on ‘Prepaid Payment Instruments’
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- Last Updated on 29 February, 2024
Master Direction No. RBI/DPSS/2021-22/82 CO.DPSS.POLC.No.S-479/02.14.006/2021-22; Dated: 23.02.2024
RBI has issued fresh master directions on ‘Prepaid Payment Instruments’ (PPIs). As per the master directions, banks/non-banks are permitted to issue PPIs. These PPIs can be issued without KYC verification of the holders and can be reloadable in nature. Further, such PPIs must be enabled only for payments across various modes of public transport such as metro, buses, rail, waterways, tolls and parking. These shall be effective from the date they are placed on the RBI website.
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