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RBI Mandated PPIs Interoperability by March 2022

Published on May 21, 2021
Current Context: The Reserve Bank of India (RBI) has mandated pre-paid instrument (PPIs) operators to enable full interoperability to PPI cards and PPI e-wallets for those customers who have fulfilled the KYC norms.
RBI Mandated PPIs Interoperability by March 2022
  • The Payment companies associated with PPIs are mandated to enable PPI interoperability by March 2022 by RBI.
  • Also, the limit for full-KYC PPI accounts will be from Rs 1 lakh to Rs 2 lakh. Therefore, due to this, the user of a PPI card or PPI e-wallet can double the amount they store on the pre-loaded payment instrument.
  • PPI: PPIs are pre-loaded cards or digital wallets which are loaded with funds.
  • Interoperability: It means that regardless of who issues the PPI card or e-wallet, customers will be able to use their PPI card or e-wallet at any payments acceptance point.
  • Static Part: 
    • HQ of RBI: Mumbai
    • 25th Governor of RBI: Shaktikanta Das

Question: 

Q.1 The RBI has mandated pre-paid instrument (PPIs) operators to enable full interoperability to PPI cards and PPI e-wallets for those customers who have fulfilled the KYC norms by ____?
a. April 2022
b. Dec 2021
c. March 2022
d. June 2021
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