To give impetus to small value digital payments, RBI has decided to introduce a new type of semi-closed PPI.
About:
The PPI-MD is being modified to introduce this new type of PPI. The other instructions contained in the PPI-MD will be applicable to this type of PPI also.
The directive is issued under Section 18 read with Section 10(2) of Payment and Settlement Systems Act, 2007 and is effective from the date of issuance of this circular.
Salient features:
Such PPIs shall be issued by bank and non-bank PPI Issuers.
These PPIs shall be reloadable in nature and issued in card or electronic form. Loading / Reloading shall be only from a bank account.
The amount loaded in such PPIs during any month shall not exceed ₹ 10,000 and the total amount loaded during the financial year shall not exceed ₹ 1,20,000.
The amount outstanding at any point of time in such PPIs shall not exceed ₹ 10,000.
These PPIs shall be used only for purchase of goods and services and not for funds transfer.
The minimum detail PPIs existing as on the date of this circular can be converted to the above type of PPI, if desired by the PPI holder.
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