RBI launches PPI card, know its features

New Delhi: In the first week of December, Reserve Bank of India (RBI) announced the launch of a new prepaid payment instrument (PPI). This PPI is in the form of a card, through which you can pay for goods or services. RBI has launched this PPI card. According to the RBI, pre-existing PPIs are boosting digital payments and will be further enhanced by the new PPIs.

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The monthly recharges period of this card will be Rs 10,000. In this sense, it will be useful for retail payment. RBI has said in a notification that it has been decided to launch a new type of semi-closed PPI to improve the value of small-value digital payments and users. These cards will be given by bank and non-bank PPI issuers after taking minimum information from the PPI holder.

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Minimum information to be given to the bank and non-bank PPIs include verified mobile number with one-time pin (OTP) and unique identification of any 'mandatory document' or 'officially valid document' as per KYC rules of RBI Number must be provided. These PPIs can be reloaded. These will be in card or electronic form.

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