Skip links

RBI Notifies Master Directions on Prepaid Payment Instruments applicable to Prepaid Payment Instrument (PPI)

The RBI on August 27, 2021 notified the Master Directions on Prepaid Payment Instruments applicable to Prepaid Payment Instrument (PPI) issuers and system participants.

The directions have been issued to update the existing framework for authorisation, regulation and supervision of entities operating PPIs and at the same time ensure competition and innovation in the sector, by increasing the scope of operations for non-bank PPI issuers, who are now allowed to issue full-KYC PPIs.

The directions stipulate the eligibility criteria for issuance of PPIs by banks, the authorization requirements for non-banks, restrictions on cross border transactions and requirements for achieving interoperability through UPI and card networks.

Read more

Disclaimer

As per rules of the Bar Council of India, legal practitioners are not permitted to solicit work or advertise their services. By clicking on the “I agree” button below and accessing this website, the user acknowledges that:

  • The user is seeking information relating to QL Partners of their own accord and there has been no form of solicitation, advertisement, or inducement by QL Partners or any of its members; and
  • This website does not seek to create or invite any lawyer-client relationship; and
  • The user has read and accepted this website’s Privacy Policy.

Any content on the website is for information purposes only and shall not be construed as legal advice. No warranty or promise is made that this website is correct, complete, and up to date. Without prejudice, QL Partners shall not be responsible for any reliance placed by the user on such content.