The Reserve Bank of India (RBI) on 9 July 2015 released the final guidelines on Prepaid Payment Instruments for Mass Transit System (PPI-MTS). The issued guidelines enable the issuance of a separate category of semi-closed prepaid payment instruments for mass transit systems.
The PPI-MTS will enhance commuter convenience and will also facilitate the migration to electronic payments in line with the country’s vision of moving to a less-cash society.
The PPI-MTS can be used within the mass transit systems and will have a minimum validity of six months from date of issue. Such PPIs will be reloadable instruments subject to an outstanding limit of 2000 rupees at any point of time.
Apart from the mass transit system, such PPI-MTS can be used at other merchants whose activities are allied to or are carried on within the premises of the transit system.
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What: Released by RBI
When: 9 July 2015