RBI introduces new prepaid payment tool

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Mumbai: The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) which could be used only for the purchase of goods and services up to a limit of Rs 10,000 per month.

A circular of RBI on Tuesday said, “to give impetus to small value digital payments and for enhanced user experience, it has been decided to introduce a new type of semi-closed PPI.”

“The amount loaded in such PPIs during any month shall not exceed Rs 10,000 and the total amount loaded during the financial year shall not exceed Rs 1,20,000,” the circular said.

“The amount outstanding at any point of time in such PPIs shall not exceed Rs 10,000.”

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