Amendment to Master Direction on Prepaid Payment Instruments

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Summary:

The Reserve Bank of India (RBI) has issued an amendment to the Master Direction on Prepaid Payment Instruments (PPIs) (CO.DPSS.POLC.No.S-479/02.14.006/2021-22) dated August 27, 2021. The amendment permits authorized bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems, aimed at providing convenience, speed, affordability, and safety of digital modes of payment to commuters. The revised Master Direction updates paragraph 10.2 and comes into effect immediately.