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The Reserve Bank of India (RBI) has introduced a new semi-closed prepaid payment instrument (PPI) which can be used for transaction of goods and services up to a limit of Rs 10,000. The loading facility of the instrument will be linked only from a bank account.

The minimum details will necessarily include a mobile number verified with one time pin (OTP) and a self-declaration of name and unique identity/identification number, among others.

The amount outstanding at any point of time in such PPIs should not exceed Rs 10,000, RBI said, adding these PPIs will be used only for purchase of goods and services and not for funds transfer.

The instrument issuers will provide an option to close the PPI at any time and also allow to transfer the funds back to source (payment source from where the PPI was loaded) at the time of closure, it added.

There are currently three kinds of PPIs allowed by RBI — closed system, semi-closed and open PPIs. Click here for the full story.

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