{"id":223590,"date":"2019-12-25T17:00:23","date_gmt":"2019-12-25T11:30:23","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=223590"},"modified":"2019-12-31T11:17:01","modified_gmt":"2019-12-31T05:47:01","slug":"rbi-introduction-of-a-new-type-of-semi-closed-prepaid-payment-instrument-ppi","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/25\/rbi-introduction-of-a-new-type-of-semi-closed-prepaid-payment-instrument-ppi\/","title":{"rendered":"RBI | Introduction of a new type of semi-closed Prepaid Payment Instrument (PPI)"},"content":{"rendered":"

Introduction of a new type of semi-closed Prepaid Payment Instrument (PPI) \u2013 PPIs upto Rs 10,000 with loading only from bank account<\/strong><\/span><\/h4>\n

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 features:<\/strong><\/p>\n

    \n
  1. Such PPIs shall be issued by the bank and non-bank PPI Issuers after obtaining the minimum details of the PPI holder.<\/li>\n
  2. The minimum details shall necessarily include a mobile number verified with One Time Pin (OTP) and a self-declaration of name and unique identity\/identification number of any \u2018mandatory document\u2019 or \u2018officially valid document\u2019 (OVD) listed in the \u2018Master Direction – Know Your Customer (KYC) Direction, 2016<\/a>\u2019 issued by Department of Regulation, Reserve Bank of India, as amended from time to time.<\/li>\n
  3. These PPIs shall be reloadable in nature and issued in card or electronic form. Loading \/ Reloading shall be only from a bank account.<\/li>\n
  4. The amount loaded in such PPIs during any month shall not exceed Rs 10,000 and the total amount loaded during the financial year shall not exceed Rs 1,20,000.<\/li>\n
  5. The amount outstanding at any point of time in such PPIs shall not exceed Rs 10,000.<\/li>\n
  6. These PPIs shall be used only for the purchase of goods and services and not for funds transfer.<\/li>\n
  7. PPI issuers shall provide an option to close the PPI at any time and also allow to transfer the funds \u2018back to source\u2019 (payment source from where the PPI was loaded) at the time of closure.<\/li>\n
  8. The features of such PPIs shall be clearly communicated to the PPI holder by SMS \/ e-mail\/post or by any other means at the time of issuance of the PPI \/ before the first loading of funds.<\/li>\n
  9. The minimum detail PPIs existing as on the date of this circular can be converted to the above type of PPI if desired by the PPI holder.<\/li>\n<\/ol>\n

    The PPI-MD is being modified to introduce this new type of PPI. The other instructions contained in the PPI-MD will be applicable to this type of PPI also.<\/p>\n

    \n

    Reserve Bank of India<\/strong><\/p>\n

    [Press Release dt. 24-12-2019]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    Introduction of a new type of semi-closed Prepaid Payment Instrument (PPI) \u2013 PPIs upto Rs 10,000 with loading only from bank account <\/p>\n","protected":false},"author":8808,"featured_media":108551,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,2],"tags":[29489,39009,36827],"class_list":["post-223590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business_news","category-news","tag-bank-account","tag-one-time-pin","tag-prepaid-payment-instrument"],"yoast_head":"\nRBI | Introduction of a new type of semi-closed Prepaid Payment Instrument (PPI) | 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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Reserve Bank of India Master Directions on Prepaid Payment Instruments, 2021 (MD-PPIs, 2021). The provisions of MD-PPIs shall apply to all Prepaid Payment Instrument (PPI) Issuers and System Participants. 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":360295,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/16\/rbi-phonepe-fined-21-lakh-ppi-violation-legal-compliance-upldate\/","url_meta":{"origin":223590,"position":1},"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":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":223590,"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":292807,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/05\/22\/madras-high-court-holds-paytm-liable-for-unauthorised-transactions-from-customer-account-legal-news\/","url_meta":{"origin":223590,"position":3},"title":"Who is liable for unauthorised transactions via prepaid payment instruments? Madras High Court answers","author":"Apoorva","date":"May 22, 2023","format":false,"excerpt":"Madras High Court said that the RBI guidelines are issued not as a formality, but the entities subjected to the RBI regulations should comply with the conditions of the master circular in its true letter and spirit","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"madras high court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/madras-high-court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/madras-high-court.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/madras-high-court.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/04\/madras-high-court.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":115681,"url":"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\/","url_meta":{"origin":223590,"position":4},"title":"Comments invited on Draft Circular on “Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India”","author":"Saba","date":"March 24, 2017","format":false,"excerpt":"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,\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":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.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-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/02\/RBI-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":217452,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/30\/rbi-imposes-penalty-on-one-mobikwik-systems-private-limited-and-hip-bar-private-limited\/","url_meta":{"origin":223590,"position":5},"title":"RBI imposes penalty on — One Mobikwik Systems Private Limited and Hip Bar Private Limited","author":"Bhumika Indulia","date":"July 30, 2019","format":false,"excerpt":"In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed a monetary penalty on the following Prepaid Payment Instrument (PPI) issuers for non-compliance of regulatory guidelines. 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