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Introduction of Prepaid Payment Instruments for Mas Transit System

Dated:- 24-7-2015 - Reserve Bank of India (RBI) vide its circular dated 9th July, 2015 introduced a new category of semi-closed Prepaid Payment Instrument (PPI) with the following features: The semi-closed PPIs will be issued by the mass transit system operator (PPI-MTS) after authorization under the Payment and Settlement Systems Act, 2007 to issue and operate such semi-closed PPIs; The PPI-MTS will necessarily contain the Automated Fare Collection application related to the transit service to .....

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