RBI's New Vision for Strengthening Prepaid Payment Instruments
The Reserve Bank of India (RBI) has unveiled a comprehensive proposal aimed at fostering the long-term growth of Prepaid Payment Instruments (PPIs). The proposed measures emphasize enhanced transaction security, clear refund rules, and improved grievance redressal mechanisms. A draft Master Direction outlines new guidelines, inviting public comments by May 2026.
- Country:
- India
The Reserve Bank of India (RBI) has announced a strategic plan to strengthen the framework for Prepaid Payment Instruments (PPIs), focusing on ensuring secure transactions and clear guidelines for refunds and grievances.
PPIs are financial tools that allow money to be loaded and facilitate transactions without using cash. Categorized into various types like general purpose, gift, and transit, among others, these instruments are being reevaluated for enhanced security measures by the RBI.
A draft Master Direction has been released, seeking public input by May 22, 2026. The proposal includes minimum net-worth requirements for non-bank entities, restrictions on outstanding amounts, and interoperability features with existing payment systems.
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