RBI vide notification dated December 24, 2019, permitted all the Prepaid Payment Instrument Issuers to introduce a new type of semi-closed PPIs. These cards can be used only for the purchase of goods and services and not for funds transfer.
The new PPIs will have the following features:
As per the RBI guidelines, it is obligatory on the part of the issuer to communicate the features of the above type of PPIs to the PPI holders by SMS / e-mail/post or by any other means at the time of issuance of the PPI / before the first loading of funds. The other instructions contained in the RBI’s PPI-MD will be applicable to this type of PPI also.
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