Prepaid Payment Instruments Current Affairs, GK & News
The Reserve Bank of India recently made three main changes to the Prepaid Payment Instruments. What are Prepaid Payment Instruments? The Prepaid Payment Instruments or PPI are means through which purchase of goods and services shall be made against the value stored in such instruments. The Prepaid instruments shall be used as magnetic stripe cards, ..
Category: Economy & Banking Current Affairs
The Ministry of Electronics and Information Technology (MEITY) has issued draft Information Technology (Security of Prepaid Payment Instruments) Rules 2017 for Prepaid Payment Instruments (PPI) company or e wallet firms. The draft rules seek to ensure integrity, security and confidentiality of electronic payments made through PPIs. It covers an entire spectrum for protecting consumer information, ..
The Reserve bank of India (RBI) has increased the per month limit of Prepaid Payment Instruments (PPIs) to Rs. 20,000 from Rs. 10,000 and to Rs. 50,000 for merchant bank. This decision was taken due to sudden increase in demand for digital wallets (especially mobile wallets) after Government announced demonetisation of Rs. 500 and Rs. ..