MANU/RMIC/0163/2019
Ministry : Reserve Bank of India
Department/Board : Department of Payment and Settlement Systems
Circular No. : DPSS.CO.PD.No.1198/02.14.006/2019-2020
RBI/2019-2020/123
Date : 24.12.2019
Notification/ Circulars Referred : DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 MANU/RMIC/0137/2017
Citing Reference:
DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 MANU/RMIC/0137/2017 Referred
All Prepaid Payment Instrument Issuers
Madam / Dear Sir,
Introduction of a new type of semi-closed Prepaid Payment Instrument (PPI) - PPIs upto Rs. 10,000/- with loading only from bank account
Please refer to the
Statement on Developmental and Regulatory Policies issued as part of Monetary Policy Statement dated December 5, 2019 as also the Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPI-MD) issued vide DPSS.CO.PD.No.1164/02.14.006/2017-18 dated October 11, 2017 (updated as on August 30, 2019).
2. To give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI with the following features:
a. Such PPIs shall be issued by bank and non-bank PPI Issuers after obtaining minimum details of the PPI holder.
b. The minimum details shall necessarily include a mobile number verified with One Time Pin (OTP) and a self-declaration of name and unique identity / identification number of any 'mandatory document' or 'officially valid document' (OVD) listed in the
'Master Direction - Know Your Customer
(KYC) Direction, 2016' issued by Department of Regulation, Reserve Bank of India, as amended from time to time.