PPIs(PREPAID PAYMENT INSTRUMENTS)

PPI
 Pre-paid card holders pay “pay early”. Debit Card Holders “pay at the
time”. Credit Card holders “pay after”.
 Bank should maintain a log of all the transactions undertaken using PPIs
for at least 10 years
 PPI: Payment instrument that facilitate purchase of goods and services,
including financial services against value stored on such instrument
1. Closed System PPIs: Facilitates purchase of goods and services only and
do not permit cash withdrawal
2. Semi-closed System PPIs: Facilitates purchase of goods and services
only at identified merchant location and do not permit cash withdrawal
3. Open System PPIs: Facilitates both purchase of goods and services and
also cash withdrawal.
 PPI
 Bank shall issue semi-closed and open system PPIs only
 Reloadable or non-reloadable PPIs shall be issued
 No interest is paid on PPI Balances
 PPI shall be loaded/reloaded by cash upto prescribed limit, by
various remittance mode like mobile banking, net banking, etc
 Cash Loading by cash to PPI is restricted to Rs.50000/- per
month subject to overall limit of PPI
 PPIs shall be issued in the form of card, wallet or any other
approved digital format.
 PPIs in the form of paper vouchers shall no longer be issed
 PPI
 PPI Meal Instrument: Shall be issued only as Semi closed PPIs, in
electronic form and shall be reloadable. No cash withdrawal/fund
transfer shall be pemitted.
 PPIs for Cross Border outward remittance: Cross Border outward
remittance only permitted on explicit request of PPI holders
subject to per transaction limit not exceeding Rs.10000/- while per
month limit shall not exceed Rs.50000/-
 PPIs for credit towards Cross Border inward remittance:
1. Bank shall issue PPIs to beneficiaries of inward remittance under
Money Transfer Service Scheme(MTSS) of RBI
2. Amount upto Rs.50000/-shall be permitted for inward MTSS
remittance.
 PPI
 Bank shall issue Foreign Exchange denominated travel card
under Brand Name “Cent Yatra” Travel Card.
 It is issued to meet the requirement of customers travelling
abroad with specific country/region.
 The card can be multi currency card/ standalone single
currency card
 As of now card can be issued for US Dollar, Pounds, Euro,
Canadian Dollar, Australian Dollar, Singapore dollar and
Japanese Yen
 Cannot be issued if they are traveling to Nepal/Bhutan
 Validity of Card: Maximum 5 years from date of issuance
 PPI
 Daily Usage Limit:
1. ATM Cash Withdrawal: 5000/-(USD or Equal)
2. POS: 10000/-
3. E-Com/Online Payment: 10000/-
 Refund of unutilized balance shall be refunded after 10
days from the date of last transaction
 Retention of Balance in the Card: Cardholders shall be
permitted to retain the cards only of the balance
remaining on the card is upto/less than US$2000 or its
equivalent.
 TYPES OF PPIs
 Semi Closed PPIs:
1. PPIs upto Rs.10000/- by accepting minimum details of the
PPI Holder:
a) Issue PPI viz., mobile number verified with OTP and self
declaration with one OVD.
b) Reloadable. Per month limit is Rs.10000/-. Per year limit is
Rs.100000/-
c) Used only for purchase of goods and services. Fund Transfer
is not allowed
d) Bank will convert this PPI KYC compliant within 24 months.
Else no further credit will be allowed in such PPIs
 TYPES OF PPI
2. PPIs upto Rs.100000/- after completing KYC of the PPI
Holder:
a) Issue PPI after completing KYC
b) Reloadable
c) Used for purchase of goods and services and fund
transfer also.
d) Pre-Beneficiary option is available
e) The fund transfer limit for Pre-beneficiary option is
Rs.100000/- per month whereas for others it is
Rs.10000/- per month
 TYPES OF PPI
3.PPIs upto Rs.10000/- with loading only from
Bank account:
a) Issue PPI viz., mobile number verified with OTP
and self declaration with one OVD
b) Reloadable. Per month limit is Rs.10000/-. Per
year limit is Rs.120000/-. Reloading shall only
from bank account.
c) Used only for purchase of goods and services.
Fund Transfer is not allowed
 PPI
 Gift instruments: Maximum value of each prepaid gift
instrument shall not exceed Rs.10000/-. Non-reloadable. Cash
out/Refund/ fund transfer shall not be permitted.
 PPI for Mass Transit System(PPI MTS) : Semi closed PPI,
reloadable and maximum o/s value in PPI cannot exceed
Rs.3000/-. Cash out/Refund/ fund transfer shall not be
permitted
 All PPIs issued in the country shall have a minimum validity
period of one year from the date of last loading/reloading in PPI.
 PPIs with no financial transaction for a consecutive period of one
year shall be made inactive.