RBI Allows Banks to Issue Pre-paid Instruments for Public Transport
By Rediff Money Desk, MUMBAI Feb 23, 2024 20:06
The Reserve Bank of India has permitted banks and non-banking institutions to issue pre-paid instruments for making payments on public transport systems, offering commuters more payment options beyond cash.
![RBI Allows Banks to Issue Pre-paid Instruments for Public Transport](https://im.rediff.com/money/2016/dec/12digital-payment.jpg)
Mumbai, Feb 23 (PTI) Reserve Bank of India (RBI) on Friday permitted banks and non-banking institutions to issue pre-paid instruments 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 instruments 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 added.
Welcoming the decision, fintech MobiKwik's Co-Founder and CEO Bipin Preet Singh said, "this marks a pivotal moment in our journey towards modernising transit systems".
With the introduction of these instruments, commuters will have more options to pay for tickets besides cash mode.
The instruments 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 added.
Welcoming the decision, fintech MobiKwik's Co-Founder and CEO Bipin Preet Singh said, "this marks a pivotal moment in our journey towards modernising transit systems".
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 226206286
- IFL Enterprises
- 1.30 (+ 4.84)
- 81461564
- Vodafone Idea L
- 16.79 (+ 0.66)
- 67447398
- NCL Research
- 0.95 ( -4.04)
- 31996628
- Franklin Industries
- 3.73 (+ 3.32)
- 21511209
MORE NEWS
![Navi Mumbai...](https://im.rediff.com/80-80/money/2021/jun/10navi-mumbai-airport7.jpg)
Navi Mumbai Airport ILS Signal Testing Begins
The Airports Authority of India (AAI) has begun ILS signal testing at the...
![Air India VRS for...](https://im.rediff.com/80-80/money/2020/sep/09tata-vistara-3.jpg)
Air India VRS for Non-Flying Staff Ahead of...
Air India has announced a voluntary retirement scheme (VRS) and voluntary separation...
Fisher Groups Oppose WTO Fisheries Subsidy Talks
Small-scale fisher groups from India, Indonesia, and Bangladesh demand WTO keep...