The Reserve Bank of India (RBI) on Tuesday introduced a new type of semi-closed prepaid payment instrument (PPI), which can be used only for purchase of goods and services up to a limit of Rs 10,000. Money will be loaded or reloaded in the new PPI only from a bank account for making digital payments such as bill payments, merchant payments, etc. The new PPI could be issued on the basis of essential minimum details sourced from the customer.
Tag: transactions
US wants to ensure India’s data localisation plan doesn’t stymie growth in transactions: Mnuchin
The US wants India to ensure that its data localisation plan does not “stymie growth’ and American financial transaction companies are treated “fairly”, Treasury Secretary Steven Mnuchin has said. Mnuchin also insisted that America has no problem if countries want to have local data for regulatory purposes as long as they do not eliminate it…
QUICKCLARITY 