To give impetus to small-value digital payments, the Reserve Bank of India has said that prepaid payment instrument (PPI) issuers can launch a new type of ‘semi-closed PPI’, whereby the amount loaded in these instruments can be up to ₹10,000 during any month, and the total amount during the financial year can be up to ₹1.20 lakh.
These PPIs — which can be issued by bank and non-bank PPI issuers after obtaining minimum details of the PPI holder — should be reloadable in nature, and issued in either card or electronic form. Loading/reloading can be only from a bank account.
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