RBI vide circular dated February 23, 2024 has issued Amendment to Master Direction on Prepaid Payment Instruments which prescribes, inter alia, the various types of PPIs which banks and non-banks can issue after obtaining necessary approval / authorization from RBI.
Public transport systems across the country cater to a multitude of commuters on a daily basis. To provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services, it has been decided to permit authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems.
