Mumbai, Feb 23 (IANS) 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.
–IANS
sps/dan
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
