RBI has issued a Master Directions on Issuance and Operations of PPIs vide Circular No. RBI/DPSS/2017-18/58 Master Direction DPSS.CO.PD.No.1164/02.14.006/2017-18 dated 17th October 2017. Prepaid Payment Instruments are governed by provisions of the Payment and Settlement Systems Act (“PSS”), 2007
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