LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Business News » India News

PPIs limit at Rs 50,000 a month; interoperability in phases

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
Updated: Wed, Oct 11, 2017
10:39 pm
PTI
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Prepaid payment instruments (PPIs) cannot be loaded with more than Rs 50,000 per month and the issuers cannot pay interest on the PPI balances, the Reserve Bank said today.

PPIs are substitute of paper currency or cash that prepaid payments industry issues in the form of paper coupons, mobile wallets or electronic formats.

"All entities approved/authorised to issue PPIs by RBI are permitted to issue re-loadable or non-reloadable PPIs depending upon the permissible type.

"Cash loading to PPIs shall be limited to Rs 50,000/- per month subject to overall limit of the PPI," the RBI said in its latest set of directions on 'Issuance and Operation of Prepaid Payment Instruments'.

The Reserve Bank has asked the PPI issuers to ensure that no interest is paid on the PPI balances.

PPIs that can be issued as cards, wallets or any such form can be loaded or reloaded by cash, by debit to a bank account, by credit or by debit card among others.

These instruments are basically promoted by the RBI to make electronic payments popular, efficient and more secure.

Also, companies will no longer be allowed to issue such instruments in the paper form except for meal vouchers.

However, these vouchers will have to be replaced in electronic format after December 31, 2017, the RBI added.

For increasing the limit of PPIs to up to Rs 1 lakh, the issuers will have to do a KYC check of the instrument holder.

On facilitating users to use a set of payment instruments seamlessly with other users within the segment, the RBI said inter-operability shall be enabled in phases and PPIs in the form of wallets will become inter-operable amongst themselves through Unified Payments Interface (UPI) within six months.

"In subsequent phases, interoperability shall be enabled between wallets and bank accounts through UPI," said the RBI guidelines.

The RBI said the directions have come to effect from today and the existing PPI issuers will have to comply with these rules on or before December 31, 2017, expect for a few other cases specified.

Technology firm M1L CEO Anshuman Verma said, "Interoperability, in general, is an effective mechanism by which the overall market can be grown many-fold. In case of digital payments, interoperability will lead to growth in overall transaction base of digital payments in India.

Payments Council of India (PCI) chairman Navin Surya said the reform "would ensure that PPIs contribution to digital payments from current share of less than 10 per cent can move to 30-40 per cent in next 5 years".

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

SBI PO exams 2020-21: sbi.co.in— Prelims result declared on SBI official website | How to download? Here are 5 easy steps

Mindtree share price: ICICI Securities downgrades stock to ADD (from BUY), price target Rs 1661

Gold Price Today: Is it time to Buy Gold, Silver? Is yellow metal headed for correction? See EXPERT view

SBI, ICICI Bank and Yes Bank share price outlook I What investors can do - EXPLAINED

PUBG Mobile India: Launch date, trailer, competition from FAUG and other latest updates

Mid-cap Picks with Anil Singhvi: Vikas Sethi picks Phillips Carbon Black, Coromandel International, IEX for top returns

7th Pay Commission latest news: Salary Rs 67,700 to over Rs 2 lakh plus 7th CPC DA, HRA, TA; check this central government job offer at upsconline.gov.in

Mutual Funds outflows, redemptions, SIP inflows, equity AUM to allocation | Know key insights for Dec 2020

Stocks in Focus on January 19: Mindtree, IndiaMart InterMESH, IRFC IPO, Apollo Hospitals to L&T Financial Holding; here are the 5 Newsmakers of the Day

L&T Finance Holdings: Sharekhan has downgraded the recommendation to Hold with a revised price target of Rs 103

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved