RBI's new directions for mobile wallets within a week

The Reserve Bank of India (RBI) on Wednesday said it will issue a revised Master Directions on Prepaid Payment Instruments (PPIs), such as mobile wallets, within a week that will facilitate inter-operability into usage of PPIs.

"In line with the Vision for Payment and Settlement Systems in the country, the revised framework will pave the way for bringing inter-operability into usage of PPIs.

"Inter-operability amongst KYC-compliant PPIs shall be implemented within six months of the date of issuance of the revised Master Directions, which will be issued within a week, i.e., by October 11, 2017," the apex bank said in a statement.

The RBI had issued guidelines for issuance and operations of PPIs in April 2009 in order to foster an orderly development of the PPI ecosystem.

In the light of the experience gained, a draft of Master Directions was placed in March in the public domain for comments.

"The feedback received has been examined and it has been decided to rationalise the operational guidelines with a view to encouraging competition and innovation, and strengthening safety and security of operations, besides improving customer grievance redressal mechanisms," the statement said.

The RBI on Wednesday also issued regulations for the peer-to-peer (P2P) lending platform as a non-banking finance company (NBFC).

--IANS

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