RBI proposes mandatory interoperability of full KYC prepaid instruments – The Hindu BusinessLine

Clipped from: https://www.thehindubusinessline.com/money-and-banking/rbi-proposes-mandatory-interoperability-of-full-kyc-prepaid-instruments/article34260479.ece?homepage=true

Increase in Account Limit to ₹2 lakh

The Reserve Bank of India has proposed to make interoperability mandatory for full-KYC prepaid instruments (PPIs) and all payment acceptance infrastructure.

The RBI had issued guidelines in October 2018 for the adoption of interoperability voluntarily for full-KYC PPIs. Das noted the migration towards interoperability has not been significant.

Further, as a confidence-boosting measure and to bring uniformity across PPI issuers, it is now proposed to allow cash withdrawals for full KYC PPIs of non-bank PPI issuers.

“This measure, in conjunction with the mandate for interoperability, will boost migration to full-KYC PPIs and would also complement the acceptance infrastructure in Tier III to VI centres,” Das said.

At present, cash withdrawal is allowed only for full-KYC PPIs issued by banks.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s