Issuance and Operation of Pre-paid Payment Instruments in India - Consolidated Revised Policy Guidelines

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Issuance and Operation of Pre-paid Payment Instruments in India - Consolidated Revised Policy Guidelines

RBI/2013-14/590
DPSS.CO.PD.No. 2366/02.14.006/2013-14

May 13, 2014

All Prepaid Payment Instrument Issuers, System Providers, System Participants
and all other Prospective Prepaid Payment Instrument Issuers

Madam / Dear Sir

Issuance and Operation of Pre-paid Payment Instruments in India – Consolidated
Revised Policy Guidelines

A reference is invited to our guidelines DPSS.CO.PD.No. 2074/02.14.006/2013-14 dated March 28, 2014 on the captioned subject.

2. On a review, it has been decided that Para 7.4 (Co-branded pre-paid payment instrument) of the Annex to Guidelines dated March 28, 2014 to be amended to read as follows:

Existing provisions of Para 7.4 of Annex of Guidelines dated March 28, 2014

Revised provisions of Para 7.4 of Annex of Guidelines dated March 28, 2014

All persons authorized / approved to issue pre-paid payment instruments are permitted to cobrand such instruments with the name/logos of financial institution/Government Organisation etc. for whose customers/beneficiaries such co-branded instruments are issued. The name of the issuer shall be visible prominently on the payment instrument. Banks/NBFCs/Other persons desirous of issuing such co-branded prepaid instruments may seek one time approval from Reserve Bank of India.

All persons authorized / approved to issue pre-paid payment instruments are permitted to cobrand such instruments with the name/logos of financial institution / Government Organisation etc. for whose customers/beneficiaries such co-branded instruments are issued. The name of the issuer shall be visible prominently on the payment instrument. NBFCs/Other persons desirous of issuing such co-branded prepaid instruments may seek one time approval from Reserve Bank of India.

However, banks have been granted general permission to issue rupee denominated co-branded prepaid instruments subject to the terms and conditions as mentioned in the circular RBI/2012-13/325 DBOD.No.FSD.BC. 67/24.01.019/ 2012-13 dated December 12, 2012

3. Stakeholders are advised to take note of the above amendment. The revised consolidated guidelines on Prepaid Payment Instruments is placed at Annex.

Yours faithfully,

(Vijay Chugh)
Chief General Manager