RBI launches Prepaid Payment Instrument for your daily digital payments

News:The Reserve Bank has introduced a new type of prepaid payment instrument (PPI) for daily digital payments. Facts: Features of PPI introduced by RBI: The prepaid payment instrument(PPI) could be used only for purchase of goods and services up to a limit of ₹10,000 per month. PPIs shall be issued by bank and non-bank PPI… Continue reading RBI launches Prepaid Payment Instrument for your daily digital payments

Government revamps WPI revision team

The government has reconstituted the working group tasked with revising the current wholesale price index (WPI). The terms of reference(ToR) of the working group are (a)select the most appropriate Base Year for the preparation of a new official series of Index Numbers of WPI and Producer Price Index (PPI) in India (b)review commodity basket of… Continue reading Government revamps WPI revision team

RBI imposes fines on PPIs for violating norms

The Reserve Bank of India has imposed penalties on five prepaid payment instrument(PPI) issuers under Section 30 of the Payment and Settlement Systems Act, 2007 for violation of regulatory guidelines. Prepaid payment instruments (PPIs) come with a pre-loaded value and in some cases a pre-defined purpose of payment.They facilitate the purchase of goods and services… Continue reading RBI imposes fines on PPIs for violating norms