Prepaid Payment Instrument (PPI) guidelines – Introduction of New Category of PPI for Mass Transit Systems (PPI- MTS) - RBI - Reserve Bank of India
Prepaid Payment Instrument (PPI) guidelines – Introduction of New Category of PPI for Mass Transit Systems (PPI- MTS)
DPSS.CO.PD.No./02.14.003/2014-2015 May 28, 2015 All Prepaid Payment Instrument Issuers, (DRAFT CIRCULAR FOR PUBLIC COMMENTS) Madam/Dear Sir Prepaid Payment Instrument (PPI) guidelines – Introduction of New Category of PPI for Mass Transit Systems (PPI- MTS) A reference is invited to the Master circular issued vide RBI/2014-2015/105 DPSS.CO.PD. PPI.No. 3/02.14.006/2014-15 dated July 1, 2014 (updated as on December 03, 2014) - Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India. 2. In the process of migration of cash payments to electronic payments, the migration of micro and small value cash payments can play a significant role in achieving the vision of less-cash society. One such area, where a large number of small value cash payments take place relates to mass transit systems. Therefore, based on a review, it has been considered necessary to issue additional guidelines for a new category of prepaid payment instruments to meet such needs. 3. Accordingly, a new category of semi-closed prepaid payment instruments (PPIs) has been introduced with the following features:
4. The above guidelines will come into effect from the date of issue of circular. The other provisions of Master Circular dated July 1, 2014 (as amended from time to time) will remain unchanged. 5. This directive is issued under section 10(2) read with section 18 of the Payment and Settlement Systems Act 2007 (Act 51 of 2007). Yours faithfully (Nanda S Dave) |