Reserve Bank of India - Master Circular – Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India

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The Reserve Bank of India's Master Circular – Policy Guidelines on Issuance and Operation of Pre-paid Payment Instruments in India aims to provide a framework for the regulation and supervision of persons operating payment systems involved in the issuance of Pre-paid Payment Instruments (PPIs) in the country, and to ensure development of this segment of the payment and settlement systems in a prudent and customer friendly manner. The master circular incorporates all the instructions/guidelines issued on the Issuance and Operation of Pre-paid Payment Instruments in India up to July 09, 2015. The master circular is divided into several sections, and covers the following topics:

1. Exemption
2. Capital Requirements
3. Safeguards against Money Laundering (KYC/AML/CFT) Provisions
4. Categories of Pre-Paid Payment Instruments
5. Deployment of Money Collected
6. Issuance and Reloading of Pre-Paid Payment Instruments
7. Validity
8. Transactions Limits
9. Redemption
10. Fraud Prevention and Security Standards
11. Customer Protection Issue

 

Document Details

Document Type: 
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Year of Document: 
2016
Date of Document: 
Friday, July 1, 2016
Document Authors: 
Reserve Bank of India
Language (This Document): 
English

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