Recently RBI came up with notification on Prepaid Payment Instruments also known as PPI’s. PPI’s are instruments which are charged beforehand and used later just like a Paytm Wallet or a Metro card
They are basically of two types – open ended and close ended. Open ended are the one’s which can be used at many places such as Paytm wallet where as closed ended are the one’s which can be used only with the issuer issuing it. Metro card which can just be used for metro travel is an example of closed ended PPI
PPI is an important topic and it comes under unit “Changing Landscape in the Banking Sector” of RBI Grade B syllabus. The notification released by RBI lays down the rules and regulations with respect to operations of PPI’s in India. This notification is very important from the exam point of view and one must try to understand the same rather than cramming the rules mentioned by RBI
We have made a detailed video on this new regulation which will help you understand each and every small detail that you need to know for the exam.
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