Ans. Yes, the cash loading of PPIs is limited to ₹ 50,000/- per month subject to overall limit of the PPI (not permitted in one type of Small PPI). The limit on loading of PPIs via electronic / online means is subject to overall limit of the PPI.

Ans. The minimum details in both types of Small PPIs are same and are as under:

1. mobile number verified with One Time Password (OTP); and

2. self-declaration of name and unique identity / identification number of any mandatory document or Officially Valid Document (OVD) or any such document with any name listed for this purpose in the RBI’s Master Direction on KYC. The present list of mandatory document / OVDs include passport, driving licence, voter's identity card, NREGA job card, proof of possession of Aadhaar number and letter issued by the National Population Register.

Ans. Both types of Small PPIs are reloadable and shall be used only for purchase of goods and services. Their salient features are as follows:

PPIs upto ₹10,000/- (with cash loading facility):

1. The amount loaded during any month shall not exceed ₹10,000/-;

2. The total amount loaded during the financial year shall not exceed ₹1,20,000/-;

3. The amount outstanding at any point of time shall not exceed ₹10,000/-;

4. The total amount debited during any given month shall not exceed ₹10,000/-;

5. These PPIs shall be converted into full-KYC PPIs within 24 months; and

6. Loading / Reloading can be by cash or electronic means.

PPIs upto ₹10,000/- (with no cash loading facility):

1. The amount loaded during any month shall not exceed ₹10,000/-;

2. The total amount loaded during the financial year shall not exceed ₹1,20,000/-;

3. The amount outstanding at any point of time shall not exceed ₹10,000/-;

4. Loading / Reloading shall be from a bank account / credit card / full-KYC PPI; and

5. The Small PPIs (with cash loading facility) existing as on December 24, 2019 can be converted to this PPI, if desired by the PPI holder.

Ans. Cash withdrawal or funds transfer from these two types of Small PPIs is not permitted.

Ans. A Small PPI (with cash loading facility) can be held for a maximum period of 24 months only. The 24 months shall be counted from the day of opening such a PPI. Within this period of 24 months, it has to be converted into a full-KYC PPI failing which, no further credit in such PPI shall be allowed. However, the PPI holder shall be allowed to use the available balance.

Ans. Reissue of such PPIs using the same mobile number and same minimum details is not allowed.

Ans. PPI holder has the option to close the PPI at any time and transfer the funds ‘back to source’ (payment source from where the PPI was loaded) at the time of closure. Alternatively, the closure proceeds can be transferred to a bank account after complying with KYC requirements of PPI holder.

Ans. The salient features of ‘Full-KYC’ PPIs are as follows:

1. Reloadable in nature;

2. The amount outstanding shall not exceed ₹2,00,000/- at any point of time;

3. There are no limits prescribed for total credits or debits during a month; and

4. They can be used for purchase of goods and services, cash withdrawal and funds transfer.

Ans. PPI issuer is responsible for verifying that the bank account pertains to the PPI holder for which it may devise suitable methods of verification.

Ans. Yes, funds transfer is allowed from a ‘Full-KYC’ PPI within a limit of ₹ 10,000/- per month per holder. However, an enhanced limit of up to ₹ 2,00,000/- per month per beneficiary can be availed if the beneficiary is ‘pre-registered’ by PPI holder. The PPI issuer may, however, set a lower limit after taking into account the risk profile of the PPI holder, other operational risks, etc.