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PPI Accounts to Follow Rs. 50,000 Per Month Limit: RBI
October 16, 2017
This Thursday, the Reserve Bank of India said that the maximum amount which can be put in Prepaid Payment Instruments (PPIs) is Rs. 50,000 per month. Also, the issuers are not permitted to pay any interested on the PPI balances.
The central bank also said that it will make provisions for interoperability to make it easier for PPI users to use their products with other users within the same segment such as between bank accounts and mobile wallets. However, this will be done in phases, the bank added.
PPIs are substitutes for physical cash and commonly used in the form of mobile wallets, paper or electronic coupons, etc.
