PPI for public transport methods: RBI permits banks to concern pre-paid fee devices for commuters to pay for public transport
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The Reserve Financial institution of India (RBI) on Friday amended the Grasp Path on Pay as you go Cost Devices (PPI), the place it has allowed authorised financial institution and non-bank PPI issuers to concern PPIs for making funds throughout numerous public transport methods.
The apex financial institution famous that, throughout India, public transport methods cater to a large number of commuters every day.
“To supply comfort, velocity, affordability, and security of digital modes of fee to commuters for transit providers, it has been determined to allow authorised financial institution and non-bank PPI issuers to concern PPIs for making funds throughout numerous public transport methods,” the RBI mentioned in a notification.
The directions shall come into impact instantly, it mentioned.
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