The Reserve Bank of India (RBI), on January 14, 2026, issued the Reserve Bank of India (Non-Bank Prepaid Payment Instruments Issuers - Internal Ombudsman) Directions, 2026.
The following has been stated, namely:-
• Applicability:- These Directions shall be applicable to Non-Bank Prepaid Payment Instruments Issuers (hereinafter collectively referred to as 'PPI issuers' and individually as a 'PPI issuer') as defined under clause 4(1)(h) of these Directions and having more than one crore Prepaid Payment Instruments outstanding as on March 31, 2025, or thereafter.
• The directions shall also be applicable to the PPI issuers, which meets the above mentioned criteria after March 31, 2025, with effect from six months from meeting the eligibility criteria. The directions shall continue to remain applicable to a PPI issuer, even if the number of Prepaid Payment Instruments outstanding falls below the threshold at a later date.
• Suspension:- The Reserve Bank, if it is satisfied that it is expedient so to do, may, by an order, suspend for such period as may be specified in the order, the operation of any or all of the provisions of these Directions, either generally or in relation to any specified regulated entity.
• Administrative Oversight:- The IO shall report to the Competent Authority, as defined under clause 4(1)(a) of the Directions, of the PPI issuer administratively, and to the Board of the PPI issuer functionally.
• These Directions shall come into force with immediate effect except clause 7(2), 14(2) and 14(4), which shall be complied with, latest by June 30, 2026.
[Notification No. RBI/CEPD/2025-26/385 CEPD.PRD.No.S1031/13.01.019/2025-26]
