OUTLOOK (17): PPIs limit at Rs 50,000 a month;interoperability in phases
Mumbai, Oct 11 Prepaid payment instruments (PPIs) cannot be loaded with more than Rs 50,000 per month and the issuers cannot pay interest on the PPI balances, the Reserve Bank said today.
PPIs are substitute of paper currency or cash that prepaid payments industry issues in the form of paper coupons, mobile wallets or electronic formats.
“All entities approved/authorised to issue PPIs by RBI are permitted to issue re-loadable or non-reloadable PPIs depending upon the permissible type.
“Cash loading to PPIs shall be limited to Rs 50,000/- per month subject to overall limit of the PPI,” the RBI said in its latest set of directions on ‘Issuance and Operation of Prepaid Payment Instruments’.