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RBI ON PREPAID PAYMENT INSTRUMENTS

RBI ON PREPAID PAYMENT INSTRUMENTS

Context:

The Reserve Bank of India recently made 3 main changes to the Prepaid Payment Instruments.

Prepaid Payment Instruments (PPI):

  • PPI implies through which the acquisition of products and ventures will be made against the worth put away in such instruments.
  • The Prepaid instruments will be utilized as attractive stripe cards, brilliant cards, web accounts, versatile records, online wallets, paper vouchers or some other instrument used to get to a prepaid sum.

New Changes:

  • The constraint of exceptional equilibrium in PPIs is to be expanded from the current degree of Rs 1 lakh to Rs 2 lakhs.
  • The facility of cash withdrawal is to be allowed for full KYC PPIs of non-bank PPI issuers.
  • The membership to RBI-operated Centralised Payment Systems (NEFT and RTGS) are to be opened to non-banks, for example, the Central bank managed installment framework administrators.

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