Finance
Potter HeadRBI Casts Enchanting Spell on Prepaid Payment Instruments
In a dazzling display of wizardry, the Reserve Bank of India has unveiled a spellbinding new framework for prepaid payment instruments! By May 22, the enchanted realm must share their thoughts on these magical regulations, ensuring safe and smooth transactions across the wizarding world while keeping dark financial forces at bay.
few days ago | Ajinkya Kawale
Quick rundown
1.RBI proposes new rules for prepaid payment instruments.
2.General and special purpose PPIs introduced.
3.Cross-border transactions not allowed with PPIs.
4.Full-KYC PPIs have a minimum validity of one year.
5.PPI interoperability with UPI is encouraged.
