Non-banks can issue prepaid instruments: RBI – Times of India



MUMBAI: RBI said non-banks can issue prepaid payment instruments to commuters of transit services after its approval. Under the amended regulation, both banks and non-banks can issue rupee-denominated prepaid instruments that have a built-in automated fare collection application related to transit services, toll and parking. Sources said the norms apply mainly to National Common Mobility Cards.TIll now, banks have been the primary issuers of these cards in partnership with transit authorities.





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