April 20, 2021

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RBI makes prepaid instruments on a par with bank a/cs

The RBI has extended payments system access to KYC-compliant prepaid instrument issuers and standalone credit card companies and brought them on a par with banks. This has been done to enable financial inclusion using prepaid instruments, which can now almost double-up as a bank account....

The RBI has extended payments system access to KYC-compliant prepaid instrument issuers and standalone credit card companies and brought them on a par with banks. This has been done to enable financial inclusion using prepaid instruments, which can now almost double-up as a bank account.

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