- An Industry body of PPIs has met the regulator to get clarity on the issue and present their views to RBI.
- The PPI master directions do not permit the loading of PPIs from credit lines.
- Any penalty will attract for non-compliance under provisions contained in the Payment and Settlement Systems Act, 2007.
- PPIs are instruments that facilitate the purchase of goods and services, the conduct of financial services, and enabling of remittance facilities.
- According to the RBI, there are over 35 non-bank PPI issuers in the country, including Amazon Pay, Bajaj Finance, and Phone Pe, among others.
- As per a recent report by Macquarie Research, some of the new generation players were adding closer to 200,000-300,000 cards using PPI licence.
Question:
Q.1 RBI has disallowed ___________ from loading their instruments through credit lines.a. Payment Banks
b. Public Sector Banks
c. Private Sector Bank
d. Non-bank prepaid payment instruments
