The Reserve Bank of India (RBI) on February 23, 2024, issued the amendments to the Master Direction on Prepaid Payment Instruments
This shall come into force on February 23, 2024
The following has been amended namely: -
• This has a reference to the Master Directions CO.DPSS.POLC.No.S-479/02.14.006/2021-22 dated August 27, 2021, on Prepaid Payment Instruments (MD-PPIs) (as amended from time to time), which prescribes which lays down the various types of PPIs which banks and non-banks can issue after obtaining necessary approval/authorization from RBI
• It states that the amended master direction aims to provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services, it has been decided to permit authorized bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems.
• The MD-PPIs have been updated by revising paragraph 10.2 related to PPIs for Mass Transit Systems
• The detailed amended Master Direction on Prepaid Payment Instruments has been attached for reference
[Notification No.RBI/2023-24/126 CO.DPSS.POLC.No.S1092/02-14-006/2023-2024]
