The Reserve Bank of India (RBI) on Thursday proposed to introduce a prepaid payment instrument (PPI) that can be used for transactions of goods and services worth up to Rs 10,000.
Such PPIs can be issued on the basis of essential minimum details sourced from the customer.
These can be loaded and reloaded with cash, debit to a bank account, by credit card, or from other PPIs.
There are currently three kinds of PPIs allowed by RBI —closed system PPIs, semi-closed system PPIs, and open system PPIs.
“Banks shall be provided with the discretion, in exceptional circumstances, to pass on net gains on hedge transactions booked on anticipated exposures.

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