Draft norms by RBI
Posted on: 30/May/2015 11:01:03 AM - No. of views : (1536)
A draft guidelines was issued by the Reserve Bank on 28th of May which will be of use for pre-paid payment instruments which can in turn get used for mass transit systems and shopping inside these hubs of transportation.
Mass transit system is about a place where many small-value cash payments occur. Hence, depending on the review, necessary add-on guidelines are issued for prepaid payment instruments under new category.
The mass transit operators such as the Delhi metro will issue semi-closed prepaid instruments. These will fall under the regulation of payment and settlement systems act, 2007.
