RBI releases draft PPI rules, asks feedback by May 22
NewsBytes | April 22, 2026 11:39 PM CST
RBI draft sets issuer criteria, caps
Only banks or authorized non-banks can issue these PPIs now. Non-bank issuers need at least ₹5 crore up front, rising to ₹15 crore in three years.
General-purpose PPIs should have an outstanding balance cap of ₹2 lakh, and Gift PPIs should have a maximum value of ₹10,000.
All features, charges, validity period and terms and conditions should be disclosed clearly, preferably in English, Hindi and the local language.
PPIs may be issued to foreign nationals/NRIs after physical verification of passport and visa for P2M payments during their stay in India.
Plus, full-KYC wallets should work across different card networks or the Unified Payments Interface (UPI), making things smoother no matter which app you use.
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