On August 27, 2021, the Reserve Bank of India (RBI) has issued the Reserve Bank of India Master Directions on Prepaid Payment Instruments, 2021 (MD-PPIs, 2021). The provisions of MD-PPIs shall apply to all Prepaid Payment Instrument (PPI) Issuers and System Participants. The purpose of the directions includes the following:

 

  1. To provide a framework for authorisation, regulation and supervision of entities issuing and operating PPIs in the country
  2. To foster competition and encourage innovation in this segment in a prudent manner while taking into account safety and security of systems and transactions along with customer protection and convenience and
  3. To provide for harmonisation and interoperability of PPIs.

 

Access the RBI’s Master Directions on PPI, 2021, HERE

 


*Tanvi Singh, Editorial Assistant has reported this brief.

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