RBI Permits Authorised Banks and Non-Banks to Issue PPIs for Making Payments Across Various Public Transport Systems
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- Last Updated on 27 February, 2024
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Circular No. RBI/2023-24/126 CO.DPSS.POLC.No.S1092/02-14-006/2023-2024; Dated: 23.02.2024
Earlier, the RBI vide master directions dated August 27, 2021 on prepaid payment instruments (PPIs) prescribed various types of PPIs that banks and non-banks can issue after obtaining necessary approval from the RBI. Now, the RBI has allowed authorised banks and non-bank PPI issuers to issue PPIs for making payments across various public transport systems. This is done to provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services. Public transport systems across the country cater to a multitude of commuters on a daily basis.
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