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RBI to mandate interoperability among prepaid payments instruments: Governor Shaktikanta Das


 
Making its displeasure on prepaid payments instruments issuers not adopting interoperability, the Reserve Bank on Wednesday (April 7) said it will make it mandatory for such companies to make provisions for letting their customers transact with others after doing a full-KYC (know your customer).
The central bank also doubled the maximum balance a single account in a payments bank can carry to Rs 2 lakh at the end of the day.
Governor Shaktikanta Das on Wednesday said prepaid payments instruments (PPIs) were given the option to become interoperable, wherein customers of one company can send funds to customers of other PPIs or banks, in 2018 in cases where a full KYC is done. ....

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