RBI issues Draft Master Direction on Prepaid Payment Instruments

As a part of its continued efforts to develop a conducive framework for long term growth of Prepaid Payment Instruments (PPIs) with enhanced security of transactions, a comprehensive review of guidelines on PPIs has been undertaken by the Reserve Bank. Accordingly, RBI has released the draft Master Direction on Prepaid Payment Instruments. The comments / feedback on the draft Direction may be submitted by the regulated entities and members of public / other stakeholders on or before May 22, 2026.