Policy Guidelines for issuance and operation of Prepaid Instruments in India - आरबीआय - Reserve Bank of India
Policy Guidelines for issuance and operation of Prepaid Instruments in India
RBI/2010-11/512 May 4, 2011 All System Providers, System Participants Madam/ Dear Sir Policy Guidelines for issuance and operation of Prepaid Instruments in India. A reference is invited to Para 124 of the Monetary Policy statement (2011-2012) on the issue of mobile based semi-closed prepaid payment instruments. Attention is also invited to our circular RBI/2009-10/123- DPSS.PD.No.344/02.14.06/2009-2010 dated August 14, 2009 wherein an amendment to Paragraph 3.2 of the policy guidelines on the issue of prepaid instruments in India (RBI/2008-09/ 458, DPSS.CO.PD.No.1873 /02.14.06/ 2008-09 dated April 27, 2009), was carried out. 2. As per the amendment it was decided to permit Other Persons to issue mobile phone based semi-closed system pre-paid payment instruments (semi-closed m-wallets) complying with the above guidelines with the following conditions:
3.The position has been reviewed keeping in view the need to facilitate larger acceptance of mobile phone based prepaid payment instruments (M-wallets) as a mode of payment. Accordingly, it has now been decided to bring semi closed m-wallets on par with the other semi-closed prepaid instruments subject to the following conditions.
5. The directive is issued under section 18 of Payment and Settlement Systems Act 2007, (Act 51 of 2007). Yours faithfully G. Padmanabhan |