Saturday, September 14, 2013

PPIs issued by banks as a Point of Sale (POS)

The Reserve Bank of India (RBI) has said that open system Prepaid Payment Instruments (PPIs) issued by banks is perceived to be a subset of debit cards. Hence the facility of cash withdrawal at POS with debit cards may be extended to such open system prepaid payment instruments issued by banks in India. The limit of cash withdrawal will remain Rs 1000/- per day subject to the same conditions as applicable hitherto to debit cards.

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