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The Reserve Bank of India released a clarification for Prepaid Payment Instruments (PPIs) that involve instruments such as wallets and prepaid cards. RBI stated that non-banking institutions should not load credit lines to PPIs. The notification was sent to non-bank PPI entities, including fintech companies.
The clarification statement read, “The PPI-MD does not permit loading of PPIs from credit lines. Such practice, if followed, should be stopped immediately. Any non-compliance in this regard may attract penal action under provisions of the Payment and Settlement Systems Act, 2007.”
Non-banks can’t load credit lines into prepaid payment instruments: RBI
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