Mumbai, Feb 23 (SocialNews.XYZ) The Reserve Bank of India (RBI) on Friday issued direction to permit authorised banks and non-banks to issue PPIs for making payments across various public transport systems with immediate effect.
Public transport systems across the country cater to a multitude of commuters on a daily basis. “The order has been issued to provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services,” the RBI said.
The central bank said that the MD-PPIs has been updated by revising paragraph 10.2 thereof.
The master direction on Prepaid Payment Instruments (MD-PPIs) which prescribes, inter alia, the various types of PPIs which banks and non-banks can issue after obtaining necessary approval from RBI was first issued on Aigust 27, 2021 and then amended from time to time.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
