Prepaid Payment Instruments (PPIs) - (i) Mandating Interoperability; (ii) Increasing the Limit to ₹2 lakh for Full-KYC PPIs; and (iii) Permitting Cash Withdrawal from Full-KYC PPIs of Non-Bank PPI Issuers - আরবিআই - Reserve Bank of India
Prepaid Payment Instruments (PPIs) - (i) Mandating Interoperability; (ii) Increasing the Limit to ₹2 lakh for Full-KYC PPIs; and (iii) Permitting Cash Withdrawal from Full-KYC PPIs of Non-Bank PPI Issuers
RBI/2021-22/40 May 19, 2021 All Bank and Non-Bank Prepaid Payment Instrument Issuers, Madam / Dear Sir, Prepaid Payment Instruments (PPIs) – (i) Mandating Interoperability; (ii) Increasing the Limit to ₹2 lakh for Full-KYC PPIs; and (iii) Permitting Cash Withdrawal from Full-KYC PPIs of Non-Bank PPI Issuers This has reference to paragraphs 10 and 11 of the Statement on Developmental and Regulatory Policies dated April 07, 2021 wherein it was announced that (a) PPI interoperability shall be made mandatory, (b) the limit for full-KYC PPIs shall be increased from ₹1 lakh to ₹2 lakh, and (c) cash withdrawal shall be permitted using full-KYC PPIs of non-bank PPI issuers. 2. A reference is also invited to the Master Direction DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 on Issuance and Operation of PPIs (as amended from time to time) and Circular DPSS.CO.PD.No.808/02.14.006/2018-19 dated October 16, 2018 on PPIs – Guidelines for Interoperability. 3. Accordingly, the following are advised –
4. The maximum amount outstanding in respect of full-KYC PPIs (KYC-compliant PPIs) has been increased from ₹1 lakh to ₹2 lakh. All other conditions mentioned under paragraphs 9.1 (ii) and 9.2 of the Master Direction on PPIs dated October 11, 2017 shall continue to be applicable. 5. The feature of cash withdrawal shall be permitted in respect of full-KYC PPIs issued by non-bank PPI issuers as well. The following conditions shall, however, be applicable –
6. The cash withdrawal limit from Points of Sale (PoS) terminals using debit cards and open system prepaid cards issued by banks in India advised vide circular DPSS.CO.PD.No.449/02.14.003/2015-16 dated August 27, 2015 has also been rationalised to ₹2,000 per transaction within an overall monthly limit of ₹10,000 across all locations (Tier 1 to 6 centres). The requirement of submission of data to RBI mentioned at paragraph 6 of the circular has been dispensed with. All other provisions shall, however, continue to be applicable. 7. The Master Direction on Issuance and Operation of PPIs dated October 11, 2017 (as amended from time to time) is being modified to reflect the above. 8. These instructions are issued under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007. Yours faithfully, (P. Vasudevan) |