RBI allows banks to issue pre-paid payment instruments for commuters to pay for public transport
economictimes.indiatimes.comReserve Bank of India (RBI) on Friday amended the Master Direction on Prepaid Payment Instruments (PPI), where it has allowed authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems.
The apex bank noted that, across India, public transport systems cater to a multitude of commuters on a daily basis.
«To provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services, it has been decided to permit authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems,» the RBI said in a notification.
The instructions shall come into effect immediately, it said.
(More to come)
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