RBI requested to treat full KYC prepaid instrument like bank account : PCI
Sat, Jun 25, 2022 8:57 PM

RBI requested to treat full KYC prepaid instrument like bank account : PCI

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The Payments Council of India (PCI) has requested the Reserve Bank of India (RBI) to treat Prepaid Payment Instruments (PPIs) with full Know Your Customer (KYC) done as equal to bank accounts. Notably, PCI is the apex body of payments and settlement players in India. The Council also urged the Central Bank to allow non-revolving credit lines in full-KYC PPIs like wallets and prepaid cards.

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