{"id":115681,"date":"2017-03-24T10:30:20","date_gmt":"2017-03-24T05:00:20","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=115681"},"modified":"2017-03-24T10:30:20","modified_gmt":"2017-03-24T05:00:20","slug":"comments-invited-on-draft-circular-on-master-directions-on-issuance-and-operation-of-pre-paid-payment-instruments-ppis-in-india","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2017\/03\/24\/comments-invited-on-draft-circular-on-master-directions-on-issuance-and-operation-of-pre-paid-payment-instruments-ppis-in-india\/","title":{"rendered":"Comments invited on Draft Circular on “Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India”"},"content":{"rendered":"

The Reserve Bank of India has placed on its website for public comments the Draft Circular on \u201cMaster Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India\u201d. The comments\/suggestions\/feedback, if any, may be sent by post to the Chief General Manager\u2013In-Charge, Department of Payment and Settlement Systems, Reserve Bank of India, Central Office, 14th Floor, Shahid Bhagat Singh Marg, Mumbai-400001, or by email, on or before March 31, 2017.<\/p>\n

The growing usage of PPIs for purchase of goods and services as well as funds transfer has led to the requests from stakeholders and other entities for relaxations in certain areas while strengthening the norms for safety and security, risk mitigation and customer protection aspects related to usage of PPIs. Accordingly, a comprehensive review of the PPI guidelines has been undertaken in preparation of these Master Directions and inputs received from various stakeholders over a period of time have also been considered.<\/p>\n

The major changes being made in the Master Directions relate to change in entry point norms, KYC requirements, rationalisation of types of PPIs, consolidation of various categories of PPIs, customer service and protection related aspects such as safety and security of the transactions as also the system, risk mitigation measures, complaint redressal mechanism, forfeiture of unutilised balances, fraud monitoring and reporting requirements, etc.<\/p>\n

As indicated in the Press Release dated September 02, 2016, the receipt of fresh applications from banks and non-banks for grant of authorisation to operate a payment system for PPI under Payment and Settlement Systems Act, 2007 was suspended till February 28, 2017. It has now been decided to extend the date till release of final guidelines i.e. April 30, 2017.<\/p>\n

Reserve Bank of India<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve Bank of India has placed on its website for public comments the Draft Circular on \u201cMaster Directions on Issuance and <\/p>\n","protected":false},"author":91,"featured_media":108541,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-115681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hot_off_the_press","category-news"],"yoast_head":"\nComments invited on Draft Circular on "Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India" | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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The purpose of the directions includes the following:\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/rbi_2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223590,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/25\/rbi-introduction-of-a-new-type-of-semi-closed-prepaid-payment-instrument-ppi\/","url_meta":{"origin":115681,"position":1},"title":"RBI | Introduction of a new type of semi-closed Prepaid Payment Instrument (PPI)","author":"Bhumika Indulia","date":"December 25, 2019","format":false,"excerpt":"Introduction of a new type of semi-closed Prepaid Payment Instrument (PPI) \u2013 PPIs upto Rs 10,000 with loading only from bank account 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 with the following\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-3.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":302551,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/09\/28\/banking-the-unbanked-bnpl-as-a-tool-for-financial-inclusion-in-india-and-the-barriers-in-achieving-it\/","url_meta":{"origin":115681,"position":2},"title":"Banking the Unbanked: BNPL as a Tool for Financial Inclusion in India and the Barriers in Achieving it","author":"Bhumika Indulia","date":"September 28, 2023","format":false,"excerpt":"by Hrishikesh Reddy Kothwal*","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"banking the unbanked","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/banking-the-unbanked.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/banking-the-unbanked.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/banking-the-unbanked.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/09\/banking-the-unbanked.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":75811,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/10\/04\/statement-on-developmental-and-regulatory-policies-reserve-bank-of-india\/","url_meta":{"origin":115681,"position":3},"title":"Statement on Developmental and Regulatory Policies – Reserve Bank of India","author":"Saba","date":"October 4, 2016","format":false,"excerpt":"1. This Statement reviews the progress of various developmental and regulatory policy measures announced by the Reserve Bank in recent policy statements and sets out new measures to be taken for further strengthening the banking structure; broadening and deepening financial markets; extending the reach of financial services to all; and\u2026","rel":"","context":"In "Hot Off The Press"","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"rbi","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/reserve-bank-of-india.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":360295,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/","url_meta":{"origin":115681,"position":4},"title":"PhonePe Fined \u20b921 Lakh by RBI over PPI Compliance Breach","author":"Shubhi","date":"September 16, 2025","format":false,"excerpt":"RBI has imposed a \u20b921 lakh penalty on PhonePe for failing to comply with PPI guidelines, citing escrow account shortfalls and reporting lapses during its October 2023\u2014December 2024 inspection.","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"PhonePe fined","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/09\/PhonePe-fined.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":218505,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/22\/rbi-processing-of-e-mandate-on-cards-for-recurring-transactions\/","url_meta":{"origin":115681,"position":5},"title":"RBI | Processing of e-mandate on cards for recurring transactions","author":"Bhumika Indulia","date":"August 22, 2019","format":false,"excerpt":"The Reserve Bank of India (RBI) has, over the past decade, put in place various safety and security measures for card payments, including the requirement of Additional Factor of Authentication (AFA), especially for \u2018card-not-present\u2019 transactions. 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