The RBI mandates correlation between prepaid payment devices

Reserve Bank of India (RBI) on Wednesday said that prepaid payment providers are not up to adopting mutual arrangements, saying that such companies should provide customers who have completed KYC as customers of other companies.

With this, the central bank increased the maximum amount of payments in a bank’s bank account to two lakhs by the end of the day. Governor Shaktikanta Das said on Wednesday that prepaid payment devices (PPIs) have been given the option of interchange in 2018, in which customers of one company can pass money to customers of other PPIs or banks. This option is given in cases where KYC (Know Your Customers) is completed.

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“Despite two years, there has been no transfer to the full KYC PPI and therefore no correlation,” Das said. The full KYC is therefore intended to be mutually exclusive to PPIs. “

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