Rbi Allows Banks To Issue Ppi: Millions of people in India use public transport every day. If you also travel by public transport, this news is very important for you. With the use of PPI, people will be able to travel more easily by public transport.
Rbi Allows Banks To Issue Ppi
Millions of people in India use public transport every day. If you also travel by public transport, this news is very important for you. Reserve Bank of India has allowed banks to issue PPI i.e. Prepaid Payment Instrument to passengers traveling in public transport and with the use of PPI, people will be able to travel easily in public transport.
How will you benefit?
In simple words, banks can provide a card or wallet to passengers traveling by public transport, using which you can easily buy tickets for any public transport by making digital payments. With this you will be able to make easy, quick payments and your journey will be more convenient.
What is PPI?
PPI stands for Prepaid Payment Instruments which is an instrument in which you can deposit money and pay for any good or service through it. Metro Card is an example of PPI.
RBI will change the rules
RBI has approved the change in the Master Direction of PPI and after the change, non-banking institutions including PPI issuing banks can issue PPI to passengers using public transport. This will make the convenience of traveling by public transport digital to a large extent and the journey will also become easier.
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