Master Circular on Issuance and Operations of Prepaid Payment Instruments – Amendments to paragraph 7.9

RBI/2016-17/196
DPSS.CO.PD.No.1610/02.14.006/2016-17

December 27, 2016

All Prepaid Payment Instrument Issuers,
System Providers, System Participants and
all other Prospective Prepaid Payment Instrument Issuers

Dear Madam / Sir,

Master Circular on Issuance and Operations of Prepaid Payment Instruments – Amendments to paragraph 7.9

A reference is invited to paragraph 7.9 of our Master circular DPSS.PD.CO.PPI.No.01/02.14.006/2016-17 dated July 01, 2016 on Issuance and Operations of Prepaid Payment Instrument (PPIs) in India.

2. In order to facilitate greater adoption of digital payments, the instructions contained in paragraph 7.9 of the above circular have been partially modified as under:

i.            Banks may extend the provisions of paragraph 7.9 of Master Circular on PPIs dated July 01, 2016 to include other entities / ‘employers’ such as unlisted corporates / partnership firms / sole proprietorship / public organizations like municipal corporations, urban local bodies, etc. (employers) for onward issuance to their staff / employees / contract workers, etc.

ii.            Banks shall extend this facility only to those entities / ‘employers’ that have a bank account with them and after obtaining an undertaking that they are not availing of this facility from any other bank.

iii.            Verification of the identity of the staff / employees / contract workers, etc. shall be the responsibility of the concerned ‘employer’. The bank should put in place proper systems to capture and maintain details of the employees to whom the cards are issued by the ‘employer’ along with copies of photograph and identity proof of such employees. The ‘employer’ is also required to make available details of bank accounts (if any) of the employees to the bank.

iv.            Banks shall load/reload PPIs after obtaining necessary authorisation and above mentioned details of the employees/staff/contract workers, etc. from the ‘employers’.

v.            Extant instructions of paragraph 7.9 (d), (e), (f) and (g) continue to be applicable.

3. The above changes shall come into effect from the date of this circular.

4. The directive is issued under Section 10(2) read with Section 18 of Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

Yours faithfully

(Nilima Ramteke)
General Manager

 

Seair Exim offers an Import-Export data demo.

We do not mediate buying, selling of products or services.

Seair is proud to have a loyal customer base from big brands.

We have successfully served many reputable clients for Import-Export Data Information Services. Here are some of our clients:

Get a free Import-Export data demonstrative report on desired products.

We don’t offer any assistance over buying or selling any products.

Thank You

Big thanks to showing your interest in SEAIR Exim Solutions. We’ve currently received your request for data information. We will return on the same query in a short span of time.

Copyright © 2009 - 2020 www.seair.co.in. All Rights Reserved.