Master Directions on Prepaid Payment Instruments (PPIs) Flashcards
The PPIs which are used for purchases only from the issuing entity and cannot be used for cash withdrawal and third-party services. Also, It is not considered as payment system are known as ……………
Closed System PPIs
Instruments that facilitate purchase of goods and services, financial services, remittance facilities, etc., against the value stored therein are known as ……………
Prepaid Payment Instruments
How many types of PPI are there name them?
2 – Small PPI and Full KYC PPI
Banks and Non-Banks after getting NOC from their respective regulatory department or Regulator has to apply to which department in RBI and within how many days?
DPSS, 30 Days
Application for renewal of CoA (Certificate of Authorisation) by PPI issuers must be done at least ………….. months prior to the expiry of the current validity. If failed to do so, RBI might decline the request for renewal.
3 months
Cooling period of ……….. years for those entities whose CoA is rejected, surrendered, not renewed.
One
whether interest is paid on PPI balances?
No
Cash Loading to PPI should be restricted to Rs ………… per month and subject to overall limit.
₹50,000/-
What is the transaction limit for cross border transactions in INR for eligible PPIs issued by AD category-I banks?
Rs. 10,000 per transaction and Rs. 50,000 per month
Amounts only upto ………………… from individual inward MTSS remittances shall be permitted to be loaded / reloaded in full-KYC PPIs issued to beneficiaries. Amount in excess of …………. shall be paid by credit to a bank account of the beneficiary.
Rs.50,000/-, Rs.50,000/-
Limits for Small PPI?
Loading limit – 10,000 per month and 1,20,000 per year. However, At anytime the balance should not exceed Rs 10,000 and total amount debit in a month should not exceed Rs 10,000.
Limits for Full KYC PPI?
Amount outstanding shall not exceed Rs 2,00,000 anytime. Funds transfer limit to pre-register beneficiaries shall be Rs. 2,00,000/- and in all other cases shall be limited to Rs 10,000 per month.
Withdrawal limit through PoS for PPI issued by banks?
Rs. 2000 per transaction and Rs 10,000 per month. No mention of Limit if withdrawn through ATM and BCs
Withdrawal limit through any medium for PPI issued by non-banks?
Rs. 2000 per transaction and Rs 10,000 per month.
Features of Gift PPI?
Not reloadable and maximum value – Rs. 10,000/-