The Reserve Bank of India (RBI) has instructed pre-paid instrument (PPIs) operators to enable full interoperability to PPI cards and PPI e-wallets for those customers who have fulfilled the entire Know-Your-Customer (KYC) criteria. Payment companies will need to enable PPI interoperability by March 2022, the RBI said in a notification on Wednesday. In April, RBI Governor Shaktikanta Das announced that the limit for full-KYC PPI accounts would from Rs 1 lakh to Rs 2 lakh. This means that a PPI card or PPI e-wallet user can double the amount they store on the pre-loaded payment instrument (such as ----). "As the migration towards interoperability has not been significant, it is now proposed to make interoperability mandatory for full-KYC PPIs and for all payment acceptance infrastructure," he said as part of the monetary policy announcement. The RBI said that even though the 2017 guidelines on PPIs had laid down a road map for interoperability and the RBI had issued a framework for the same in October 2018, migration to the interoperable PPI model has been insignificant. PPIs are pre-loaded cards or digital wallets. For instance, Sodexo provides plastic cards or PPI cards which are loaded with funds to be used at food outlets and grocery stores, on the other hand, Paytm, PhonePe, MobiKwik and other payment apps that allow customers to load funds into the app so that they can spend the funds through the app itself are PPI e-wallets. A statement from Sodexo clarified that its cards are loaded by…
- Large, Mature Cos Don’t Need Much Time to Comply with Data Protection Law: 15 Talking Points from the DPDP Act Consultation September 20, 2023
- NASSCOM suggests reducing telecom regulation, not adding new rules for communication platforms in response to TRAI’s OTT regulation consultation September 20, 2023
- Complaint filed against ticket reselling site Viagogo for reselling ICC World Cup tickets at inflated prices September 20, 2023
- UK Competition Regulator Drafts Principles To Address Unfair Practices In Artificial Intelligence Markets September 20, 2023
- Follow SC Guidelines on Internet Suspensions in the Future: Jharkhand HC Tells State Gov September 20, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Straw man fallacy: IT Ministers’ defence of government exemptions in data protection law misses the point
Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...
The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...