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Table of Contents
Semi-Closed Wallet Registration – All non-banking entities looking to issue such instruments shall seek authorization from RBI under the Payment and Settlement Systems Act of India, 2007. Banks and Registered NBFC’s seeking to issue such instruments shall seek approval from Department of Payment & Settlement’s system, RBI.
● Encashment is not permitted
● Use of service for payment of any other goods & services is not permitted.
Also, Entities issuing prepaid payment instruments shall maintain a log of all the transactions undertaken using these instruments. The database should be available for scrutiny by the Reserve Bank or any other agency/agencies as may be advised by the Reserve Bank. These entities should also file Suspicious Transaction Report (STR) to Financial Intelligence Unit – India (FIU-IND).
The prepaid payment instruments issuers shall put in place adequate information and data security infrastructure, and systems for the prevention and detection of frauds. It is advisable to build a centralized database to prevent multiple purchases of payment instruments at different locations, leading to circumvention of limits if any prescribed for such payment instruments. Semi-Closed Wallet Registration
Semi-Closed Wallet Registration In order to ensure timely settlement, issuers shall invest the funds provided therein.
● interest is payable by the bank on such balances.
● A quarterly certificate from the auditors shall be submitted certifying, the entity has been maintaining adequate balances in the account to cover the outstanding volume of payment instruments issued.
● The entity shall also submit an annual certificate, as above, coinciding with the accounting year of the entity to the Reserve Bank of India.
● Adequate records indicating the daily position of the value of instruments outstanding vis-à-vis balances maintained with the banks in the escrow accounts shall be made available for the scrutiny to the Reserve Bank or the bank where the account is maintained on demand.
● Helpline or customer care no.
● Website URL
● Validity
● Terms & Conditions
● Charges and fees associated with
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