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Non-banks cannot load credit lines into prepaid payment instruments: RBI
short by Hiral Goyal / on Monday, 20 June, 2022
The Reserve Bank of India (RBI) has issued a clarification saying that non-bank prepaid payment instruments (PPIs) such as wallets and prepaid cards, cannot load credit lines into these instruments. "Such practice, if followed, should be stopped immediately," the RBI said in a notification. According to reports, the RBI has sent the notification to non-bank PPI issuers, including fintech startups.
read more at Moneycontrol