The Reserve Bank of India vide its notification dated 19th May 2021 has made it mandatory for PPI issuers to give the holders of full-KYC PPIs (KYC-compliant PPIs) interoperability through authorised card networks (for PPIs in the form of cards) and UPI by 31st March 2022.
However the PPIs for Mass Transit Systems (PPI-MTS) shall remain exempted from interoperability while Gift PPI issuers have the option to offer interoperability and the maximum amount outstanding in respect of full-KYC PPIs (KYC-compliant PPIs) has been increased from ₹1 lakh to ₹2 lakh.
All cash withdrawal transactions performed using a card / wallet, shall be authenticated by an Additional Factor of Authentication (AFA) / PIN and PPI issuer offering this facility shall put in place proper customer redressal mechanisms. Complaints in this regard shall fall under the ambit of the respective ombudsmen schemes and instructions on limiting liability of customers
Further, the cash withdrawal limit from point of sale (PoS) terminals using debit cards and open system prepaid cards issued by banks in India has been rationalized to Rs 2,000 per transaction within an overall monthly limit of Rs 10,000 across all locations.
