RESERVE BANK OF INDIA
DPSS.CO.PD. No. /02.14.006/2016-17 Dated: March 20, 2017
All Prepaid Payment Instrument Issuers, System Providers, System Participants and all prospective Prepaid Payment Instrument Issuers
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Dear Sir/ Madam,
Master Directions on Issuance and Operation of Prepaid Payment Instruments in India
As you are aware, the Reserve Bank of India has, from time to time, issued a number of circulars containing policy guidelines on Issuance and Operation of Prepaid Payment Instruments (PPIs) in India. These Master Directions have been prepared to facilitate the Prepaid Payment Instrument Issuers, System Providers, System Participants and all other Prospective Prepaid Payment Instrument Issuers to have all the extant instructions on the subject at one place.
2. The Master Directions have been prepared by incorporating all the instructions/guidelines issued on Issuance and Operation of Prepaid Payment Instruments in India up to February 28, 2017 along with certain revisions and additions to the extant instructions. The Master Directions, issued under Section 18 read with Section 10(2) of Payment and Settlement Systems Act, 2007, has been placed on the RBI web-site (http://www.rbi.orq.in). A list of circulars finding reference in these Master Directions is enclosed as Appendix.
(Nanda S. Dave)
Chief General Manager-in-Charge