RBI Allows Prepaid Instruments for Public Transport Payments
Feb 23, 2024 15:45
Reserve Bank of India permits banks to issue prepaid instruments for payments across public transport systems, offering commuters convenient and secure digital payment options.
Mumbai, Feb 23 (PTI) Reserve Bank on Friday permitted banks and non-banking institutions to issue pre-paid instruments (PPIs) for making payments across various public transport systems.
With the introduction of these instruments, commuters will have more options to pay for tickets besides cash mode.
The instrument will provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services, RBI said in a notification.
Public transport systems across the country cater to a multitude of commuters on a daily basis, it said.
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