RBI notifies new PPI norms
RBI’s latest PPI notification imposes interoperability requirements, increases maximum limit, and now permits cash withdrawal from full-KYC PPIs of Non-Banks
In April, the RBI had announced a change in policy for full-KYC Prepaid Payment Instruments (“PPIs”). This new policy was notified into law on May 19, 2021, which now mandates interoperability increases the maximum amount outstanding, and permits cash withdrawal from non-bank full-KYC PPIs.
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