Beruflich Dokumente
Kultur Dokumente
A Discussion on
Draft Guidelines by RBI
Salient features
Eligibility
Only banks, which have Mobile Banking approval are permitted to launch
mobile based prepaid instruments
Non Banks would be permitted to issue only closed system prepaid payment
instruments & semi-closed system prepaid payment instruments
Uses of prepaid instruments for cross border transactions are not permitted.
The maximum value of any prepaid payment instrument shall not exceed Rs
50,000/-.
Salient features
Qtly certificate from the auditors shall be submitted certifying the same
Annual certificate, as above, coinciding with the accounting year of the entity to the RBI.
All entities issuing prepaid instruments are allowed to issue reloadable & non- reloadable
instruments.
Reloading of closed system payment instruments would be permitted at the retail agents
& issuers outlets against cash/ debit cards/ credit card.
Banks & NBFCs can issue & reload at branches against payment by cash/ debit to bank
account or credit card.
Validity
The value may be depleted at the rate of 10 percent of the outstanding value per month.
Definitions
Redemption
Redemption up to full outstanding value at any participating merchant up
to expiry date
Redemption in cash only for open system instruments
Anyone can redeem the outstanding balance in cash within the expiry
date, if the scheme (issuer) is being wound-up or directed by the Reserve
Bank to be discontinued.
Where redemption is provided, the redemption value shall not be in
excess of the amount outstanding or the face value (loading limit) for the
instrument, whichever is lower.
Definitions
At a Glance
Discussion Points
If Bank & non-Bank service provider wish to work together,
then the suggested process is
Bank takes a Board approval
Confirms that the entity has fulfilled all requirements
Writes to DPSS for a case by case approval
Discussion Points
Instruments issued without any KYC
Currently permit only payment of utility bills & essential services
Need to be more broad based including merchants from organised
sectors like Movie halls / Hospitals / Hotel chains / Retail chains
Expiry
Should be terminated immediately after expiry date
Refund/ transfer to new instrument depends on Issuer
Market forces will not allow unequal competition
Discussion Points
KYC Requirements
Semi Closed system up to Rs. 1,000 issued without KYC
customer may take multiple such Cards & mis-use the system
Views on how this can be controlled in a fool proof manner
Discussion Points
Thank You