Authorisation and permitted issuer
Confirm bank/non-bank status, RBI authorisation and permitted instrument type.
Prepaid Payment Instruments
Paragraph-wise corpus with Finin2min interpretation, examples, evidence controls and practical Q&A. Source: Master Directions on PPIs, updated 27 December 2024.
14 unitsPSS Act sections 10(2) and 18; PMLA/IT overlaysCurrent-source controlled
Module register
Small, full-KYC and specific-purpose PPIs
Classify instrument before applying load, balance, transfer and cash-withdrawal features.
KYC and customer onboarding
Apply PMLA/RBI KYC requirements and preserve consent and verification evidence.
Loading and reloading
Use permitted channels, source controls, limits and reconciliation.
Outstanding balance and usage limits
Apply instrument-specific limits at customer, wallet and transaction levels.
Interoperability
Implement card-network or UPI interoperability where mandated and document technical certification.
UPI access for full-KYC PPIs
Control authentication, issuer identification, dispute handling and fraud reporting.
Cross-border and foreign-currency use
Permit only within the authorised product and FEMA framework.
Escrow account
Maintain permitted credits/debits, end-of-day coverage, certification and settlement reconciliation.
Merchant due diligence
Verify merchant, business activity, settlement account and prohibited-use controls.
Failed transactions and refunds
Apply turnaround, compensation and customer communication rules.
Security and fraud monitoring
Use strong authentication, velocity, device and behavioural controls and incident escalation.
Grievance and ombudsman
Publish complaint channels and Internal Ombudsman/RB-IOS escalation where applicable.
Reporting and audit
Submit system, fraud, escrow, customer and operational returns and retain auditor certificates.